The week ahead looks set to be macro-led, with US economic data carrying the biggest calendar risk. Inflation, growth, jobless claims and housing numbers all land before the open, giving markets insight into whether the Fed has room to cut interest rates.
Prediction markets and CME’s FedWatch tool currently point to prices remaining unchanged at the June meeting.
The data comes amid the ongoing Middle East war, which keeps oil prices and inflation risks in focus. Any increase in energy costs could make softer inflation harder to sustain and weigh on risk assets.
What to see
(All times ET)
- Crypto
- 26 May-1 June: Kevin Warsh officially begins his first week as Federal Reserve chairman following his confirmation.
- Macro
- May 26 at 08:00: US S&P/Case-Shiller Home Price YoY for March Estimated 1.1% (Prev 0.9%)
- May 26 at 08:00: US House Price Index YoY for March Estimated 1.8% (Prev 1.7%)
- May 26 at 09:00: US CB Consumer Confidence for May estimated 92 (previous 92.8)
- May 26 at 8.30pm: Australia CPI YoY for April estimated 4.4% (Prev 4.6%)
- 27 May at 20:00: Bank of Korea interest rate decision (previous 2.5%)
- May 28 at 04:00: Eurozone economic sentiment for May 92 (previously 93)
- May 28 at 07.30: US PCE price index YoY for April (prev 3.5%); Core PCE (previously 3.2%)
- May 28 at 7.30am: Initial US jobless claims for the period ending May 23 estimated at 212,000 (previously 209,000)
- May 28 at 08:00: Reserve Bank of South Africa interest rate decision estimated 7.0% (Previous 6.75%)
- May 28 at 09:00: Sales of new homes in the US for April estimated at 0.67 million. (previously 0.682 million)
- May 28 at 3.30pm: US Fed Balance Sheet for Period Ending May 27 (Previous $6,713T)
- May 28 at 6.30pm: Japan Tokyo CPI YoY Prel for May (Prev 1.5%)
- 29 May at 07:30: Canada’s GDP growth y/y for Q1 (prev -0.6%); QoQ (Prev -0.2%)
- 29 May at 08.45: USA Chicago PMI for May estimated 49.5 (previous 49.2)
- 30 May at 20.30: China NBS Manufacturing PMI for May estimated 50.5 (previous 50.3)
- Earnings
- Governance Voices and calls
- The Compound DAO votes on a proposal to update the Compound III supply caps for USDC, USDT and WETH across Optimism, Polygon and Unichain. Voting ends on May 25.
- Aave DAO votes on a proposal to establish a 3-of-4 reward operation multisig to manage third-party incentive funding for growth campaigns. Voting ends on May 25.
- Instadapp DAO votes on a proposal to rebalance wstUSR boxes, withdraw 750,000 FLUID to fund rewards, configure PST launch limits, and consolidate InstaConnectorsV2 administrative controls to Team Multisig. Voting ends on May 26.
- Bancor DAO votes on a proposal to increase the vortex MaxSaleAmount parameter from 100 to 100,000 for TAC and IOTA EVM blockchains. Voting ends on May 27.
- Arbitrum DAO votes on an amended proposal to transfer 30,765.66 frozen ETH, linked to the rsETH event, to an Aave LLC controlled wallet. Voting ends on May 29.
- Unlock DAO votes on a proposal to address May’s constant payout roll, compensating contributors David Moderator, Ceci Sakura, and Trigs for their roles. Voting ends on May 30.
- Uniswap DAO votes on proposal to extend protocol fee infrastructure to BNB Chain, Polygon and Celo and to revoke 12.5 million delegated UNI from the franchisor system to Governance Timelock. Voting ends on May 30.
- Unlocks
- May 26: Plasma (XPL) unlocks 3.38% of its circulating supply, worth $7.39 million.
- May 26: Huma Finance (HUMA) unlocks 20.04% of its circulating supply worth $11.76 million
- May 29: Grass (GRASS) unlocks 3.55% of its circulating supply, worth $11.29 million.
- May 30: Falcon Finance ( FF ) unlocks 4.06% of its circulating supply, worth $8.26 million.
- June 1: EigenCloud (EIGEN) unlocks 4.99% of its circulating supply, worth $8.48 million.
- The token is launched
