Deutsche Bank: Watch officials’ interpretation of CPI data and any potential inclination toward further rate hikes

Crypto sector news: Deutsche Bank said that after several weeks of relatively quiet comments from Federal Reserve officials, this week will see a surge in speeches ahead of the silent period. The most closely watched is: Waller kicking off on Monday with a speech at the New York Association for Business Economics; Chair Waller, the chair testifying on Tuesday and Wednesday; and multiple officials delivering outlook speeches after the June CPI data release (Cook on Wednesday, Vice Chairman Jefferson, Logan of the Dallas Fed, and Schmid of the Kansas City Fed on Friday). It is expected that Waller will reiterate his recent stance while staying silent on future policy actions. And since Waller usually prefers to elaborate on his policy response mechanism and expectations, his speech will be closely watched to catch any signals of his policy inclinations.

For the outlook-type speeches, we will focus on how officials interpret this week’s inflation data, and whether any officials lean toward a July rate hike. As shown in the June meeting minutes, “several” officials believed there was reason to raise rates last month. Since then, the situation has been mixed: oil prices and inflation expectations have declined somewhat, but have partially rebounded thereafter; the unemployment rate has fallen further. A dissenting vote supporting a rate hike at the July meeting cannot be ruled out.