The Federal Reserve raised its benchmark interest rate to a range of 3.75% to 4% on September 16. Traders currently estimate a 64% probability of another rate hike during the upcoming meeting on October 28. Bitcoin is currently trading near $84,728.
Market participants are monitoring five key data releases this week. On Monday, the Bank of Japan will publish minutes from its July meeting. The bank previously raised its rate to 1% in June and to 1.25% on September 18, signaling further potential increases.
On Wednesday, the Bureau of Economic Analysis will release the PCE inflation index and the final estimate for second-quarter GDP growth. Analysts forecast a 3.4% rise in core PCE for August, while consumer spending is expected to increase by 0.5%.
The Institute for Supply Management will report the manufacturing index on Thursday, following an August reading of 54.6. The week concludes on Friday with the September jobs report, where forecasters anticipate 90,000 new jobs and an unemployment rate of 4.1%.
