The Week Ahead
Major Events + Passive Income Opportunity!
Headlines
It’s been another week in the crypto Wild West! Here’s some of the headlines that stood out:
- Another false rumour circulates about a MetaMask airdrop
- Apple Launches a high-yield savings account in partnership with Goldman Sachs
- Treasury Secretary Janet Yellen says economic sanctions on Russia and other countries are putting the US dollar’s dominance at risk
- Congressman Warren Davidson introduces new legislation to remove SEC Chairman Gary Gensler
- Boomberg reports that ChatGPT can predict stock moves from article headlines
- Coinbase threatens to leave the US in the absence of regulatory clarity
- White House admits China wants to weaken the US dollar
- SEC Chair Gensler can’t decide whether Ethereum is a commodity or a security in congress testimony
- House Republicans propose raising Federal debt ceiling by $1.5 trillion or extending it until March 31, 2024
- Texas passes bill requiring crypto exchanges to provide proof of reserves
Passive Income With HyperLiquid
HyperLiquid is a decentralized perpetual exchange built to feel like a CEX. Its highly intuitive user interface is paired with hyper speed and liquidity. Their mainnet recently went live, and you have the opportunity to be one of the first people to interact with their products for ongoing user rewards and the chance at an airdrop.
The feature that really excites me is their liquidator vault which generates passive income for depositors!
“The liquidator vault allows the community to fund a strategy that benefits from liquidations of overleveraged traders. This results in smoother operations during times of high volatility, with the liquidation pnl shared across all users in the vault.”
Best of all, the mainnet is invite-only, but you can use my ref link to give it a try!
Read more about the liquidator vault here!
Economic Calendar
Highlights
- Durable Goods Orders – Wednesday
- Gross Domestic Product (Q1) – Thursday
- Core PCE + Personal Income & Spending – Friday
Breakdown
Durable Goods Orders – Wednesday
Durable goods are projected to show a slight recovery after two consecutive down months. According to FXStreet, Durable Goods Orders measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more such as motor vehicles and appliances.
Gross Domestic Product (Q1) – Thursday
The prior two quarters came in at 3.2% and 2.6% respectively. The preliminary reading for Q1 GDP is projected to show a slight contraction to 2%, which would keep it in positive territory for the time being.
Core PCE + Personal Income & Spending – Friday
Core PCE is a lagging indicator, but one that is valued heavily by the Fed in its policy decisions. PCE for March is expected to decline to 4.5% YoY from 5% prior, and Core PCE is expected to tick down slightly to 4.5% from 4.6% YoY.
On a monthly basis, March PCE consensus is 0.3% vs 0.3% prior, and Core PCE consensus is 0.4% vs 0.3% prior. Personal income and spending are expected to show slight MoM declines.
This should be the main market-moving event for the week. The odds for a 25bps rate hike in May have increased to nearly 90% ahead of the print. In case the numbers come in soft, this may decrease significantly.
Earnings This Week
Earnings are kicking into full speed, with Alphabet, Microsoft, Visa, Meta, Amazon and MasterCard on the docket. Strap in!
Jay Charles
Editor in Chief, The Trading Tank.
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