Next Week Macro Preview: Trump’s Criticism and Powell’s Solo Testimony
As geopolitical tensions between Israel and Iran persist, last week ended with a mixed U.S. stock performance after former President Trump delayed an attack decision on Iran and Fed Governor Waller voiced support for a July rate cut. S&P 500 fell 0.22%, Nasdaq dropped 0.51%, while the Dow Jones edged higher on Apple’s gains. Key events next week include speeches by regional Fed presidents Daly, Goolsby, Williams and Cleveland Fed’s Mester, plus two days of testimony from Chair Powell before House and Senate committees. U.S. data releases—initial jobless claims, Q1 GDP revisions, personal consumption figures and core PCE inflation—will provide fresh insight into consumer spending and price pressures. Geopolitics, Fed commentary on rate cuts and fresh economic metrics will be the main drivers for markets and risk assets, including cryptocurrencies.
Neutral
The combination of continued Middle East conflict, signals of a potential July Fed rate cut and a heavy slate of Fed speakers creates a mixed environment for cryptocurrencies. Geopolitical risk may trigger short-term sell-offs, while dovish Fed commentary and strong economic indicators could support a broader risk rally. This balance between safe-haven and risk appetite drivers points to a neutral impact. Traders should watch volatility around Fed testimonies and PCE data for directional cues.