Which macro events happen this week?

TLDR

This weeks key macro events: Fed speeches on 1718 Nov, FOMC minutes on 19 Nov, delayed U.S. jobs data on 20 Nov, and global PMIs on 21 Nov. These shape rate?cut odds and liquidity for crypto per the weekly outlook.

1. 1718 Nov: Fed Waller and Barr speeches may shift policy tone per the outlook.
2. 19 Nov: FOMC minutes are the weeks most important Fed signal per the outlook.
3. 20 Nov: Delayed September jobs report guides rate bets per a macro update.

Deep Dive

1. Fed Speeches (1718 Nov)

Fed Governor Christopher Waller (17 Nov) and Vice Chair Michael Barr (18 Nov) speak, potentially nudging expectations for December policy. The tone (hawkish vs dovish) often moves risk assets including crypto per the weekly outlook.

• Hawkish remarks typically pressure risk assets; dovish comments can support them per the outlook above.
• If remarks address the recent data backlog, they may reshape near?term rate?cut odds per the macro update.

2. FOMC Minutes (19 Nov)

The minutes offer detailed context behind the last decision and discussion of inflation, labor, and financial conditions. They are flagged as the weeks most important event for policy insight per the weekly outlook.

• Markets recalibrate rate?cut probabilities when minutes reveal concerns not in the statement per the outlook above.
• Crypto reaction can be immediate and persist over sessions as liquidity expectations adjust per the outlook above.

3. Jobs Data and PMIs (2021 Nov)

A backlog of U.S. data starts unwinding, with the delayed September payrolls due Thursday (20 Nov), then global manufacturing/services PMIs Friday (21 Nov) per a macro update.

• Weaker jobs could support earlier rate cuts and risk?on flows; stronger jobs argue for caution per the update above.
• Strong PMIs suggest resilience; weak PMIs imply slowing growth, both steering risk appetite per the weekly outlook.

Conclusion

Policy tone (Waller/Barr) and FOMC minutes set the macro narrative. The jobs backlog and PMIs then test it. If signals lean dovish or data softens, crypto liquidity could improve; if hawkish or data strong, risk assets may remain constrained.