Crypto Market: Top US Economic Events To Watch Out For In May 2023

Crypto Market News: Amid the debate around debt ceiling ahead of the June 1 deadline, the stock market is up for yet another wave of economic events that could have a bearing on the market sentiment. The US Treasury Department had already warned that the US faces a default on a $31.4 trillion debt starting June 1, 2023, if a deal is not made. Meanwhile, the job market data is set to be released later this month, as the US Federal Reserve officials ponder about a Fed rate hike pause for the first time in several months.

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On Sunday, US President Joe Biden said he would not “accept a debt deal that protects wealthy tax cheats and crypto market traders while putting food assistance at risk for a million Americans,” speaking at the G7 nations summit. However, not accepting a deal will not mean a smooth ride for the US economy. US Treasury Secretary Janet Yellen had earlier warned that if the US government does not reach an agreement, the US and the global economy would be at a big risk.

Upcoming US Economic Events

Several macroeconomic events are lined up for the remaining of May 2023. Apart from the debt ceiling talks, meeting minutes from the May 2023 Federal Open Market Committee (FOMC) meeting are set to be released on Wednesday, May 24. Traders would be interested to look into how the Fed officials voted on the prospects of a rate hike pause, in the ongoing meeting and over next Fed meetings. Also, the Personal Consumption Expenditures (PCE) Index, an indicator of the inflation in the United States, is scheduled for release on Friday, May 26. A drop in PCE figures could likely result in a Bitcoin price jump.

On the other side, several Fed officials are set to speak over the next few days. Earlier, Minneapolis Fed president Neel Kashkari said he would support a rate hike pause in the next FOMC meeting in June 2023. Here are the key US economic events to follow in May 2023.

May 23, 2023
Inflation rate (United Kingdom)

May 24, 2023
Minutes of Fed’s May FOMC meeting

May 25, 2023
Initial jobless claims

May 26, 2023
PCE Index
Core PCE

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