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- The US Bureau of Labor Statistics states that the CPI Data Release will take place on June 12.
- The Producer Price Index data release follows right after, on July 14.
- July 27 is a big day holding both the 2023 GDP release, as well as the ECB monetary policy meeting.
July marks a series of eagerly anticipated events, making it a significant month from an economic standpoint. In today’s article, we will be breaking down the top key economic activities, why they are important, and when they are scheduled to take place. Let’s get started.
12th July: CPI Data Release
The first one on the list is the CPI Data Release which is due on June 12, at 8:30 AM EST, according to the U.S. Bureau of Labor Statistics. The government platform explains that CPI or Consumer Price Index is a metric that tracks the average price variations over time for a specific set of consumer goods and services purchased by urban consumers.
In May, the CPI for all urban consumers in the US increased by 0.1%, seasonally adjusted, and 4%, not seasonally adjusted. Additionally, the largest contributor to the overall increase in the monthly all-items index was the index for shelter, followed by a rise in the index for used cars and trucks. In May, the food index also experienced a 0.2 percent increase, breaking the trend of being unchanged in the previous two months.
During May’s CPI Data Release, crypto analysis platform CryptoBusy anticipated increased volatility for Bitcoin in the upcoming days. The forecast suggested that BTC may experience a bearish trend in May, potentially causing its price to drop below the $27K level.
14th July: PPI Data Release
The U.S. Bureau of Labor Statistics noted that Producer Price Index News Release will come out on July 14. Investing.com says the Producer Price Index or PPI measures changes in input prices for goods and services and is closely monitored by central bankers for its impact on consumer prices and price stability.
In May, the seasonally adjusted Producer Price Index for final demand decreased by 0.3%, Meanwhile, final demand prices rose by 0.2% in April of 2023.
26th July: FOMC Meeting
July 25 to July 26 marks the Federal Open Market Committee meeting which takes place eight times a year, states the Federal Reserve’s official website.
The Federal Open Market Committee (FOMC), part of the Federal Reserve System, controls monetary policy through three tools: open market operations, the discount rate, and reserve requirements. By adjusting these tools, the FOMC influences interest rates, money supply, and various economic factors such as employment, output, and prices of goods and services.
27th July: GDP Report
The U.S. Bureau of Labor Statistics reports that the Gross Domestic Product, 2nd Quarter 2023 (Advance Estimate) will release on July 27 at 8:30 AM EST.
The International Monetary Fund reveals that the baseline forecast predicts a gradual decline in global growth, with advanced economies experiencing a more pronounced slowdown. Moreover, inflation is expected to decrease, driven by lower commodity prices, but core inflation is likely to decline at a slower pace. Meeting inflation targets is not anticipated before 2025 in most cases.
27th July: ECB Meeting
Another paramount event on July 27 is the Governing Council of the European Central Bank (ECB) meeting to discuss the monetary policy which will be held in Frankfurt, as indicated by the European Central Bank.
The European Central Bank (ECB) holds a monthly press conference after announcing the Minimum Bid Rate, discussing interest rate decisions, economic outlook, and inflation, and providing clues about future monetary policy, often resulting in market volatility due to unscripted press questions.
The post July’s Biggest Economic Events Listed: CPI Data Release, FOMC Meeting appeared first on Coin Edition.