The next CPI release will be on January 12, and the next FOMC meeting will be on February 1.
The Consumer Price Index (CPI) releases, which show the current inflation rate in the United States, and the Federal Open Market Committee (FOMC) meetings, which determine the country’s rate hikes, have resulted in significant price swings in the cryptocurrency market in recent months. The dates for the events in 2023 are listed below.
In some countries, such as Lebanon (162%), Venezuela (over 150%), Turkey (nearly 90%), and Argentina (88%), year-over-year inflation rates are quite high. The situation in well-developed and leading countries such as the United States may appear less dangerous at first glance, but the world’s most powerful economy saw a 40-year high in June with inflation of more than 9%.
Although the latest data show a decrease in November to 7.1%, the figures are still several times higher than what economists consider healthy – around 2% YoY increases.
Most cryptocurrencies, including bitcoin, are typically affected by CPI releases. Almost every announcement from 2022 increased market volatility, which is why it is critical to know when the 2023 figures will be released.
On January 12, the US Bureau of Labor Statistics will release the December inflation figures. The January numbers will be available on February 14th, followed by the following dates: March 14th, April 12th, May 10th, June 13th, July 12th, August 10th, September 13th, October 12th, November 14th, and December 12th (respectively showing the inflation rate for the previous month).
The Federal Reserve has used a variety of methods to combat the economic crisis and skyrocketing inflation, the most notable of which has been interest rate control. As a result, the cost of borrowing money rises, which is supposed to limit the purchase of certain goods and services.
The Fed announced seven rate increases in 2022, raising the benchmark to 4.5%. (the highest level in 15 years). Some predict that this percentage will rise in 2023, and the following FOMC meetings will take place this year: February 1, March 22, May 3, June 14, July 26, September 20, November 1, and December 13 are the first days of the month.
The price of bitcoin fluctuated every time the United States’ central bank adjusted interest rates. When the institution increased the benchmark by 0.5% in December, the primary cryptocurrency fell from $18,300 to $17,850 in minutes.
BTC, on the other hand, soared above $20,500 after the Fed raised interest rates by 75 basis points in November.
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