Why so many hate crypto and why it matters now
Plus: macro data, what’s ahead this week, PACs and more
“Tactics without strategy is the noise before defeat.” – Sun Tzu ||
Hello everyone! I hope you had a great weekend – such gorgeous flowers around my neighbourhood, the air smells like jasmine, just amazing.
📽 On Friday, I had a wonderful “Press Publish” chat with John “Alyosha” Johnston, author of the excellent Market Vibes newsletter, on newslettering – you can see the playback here. 😊
Production note: it’s a public holiday on Friday where I live, so this newsletter will skip publication.
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IN THIS NEWSLETTER
Coming up this week: macro data, political moves
Monday mood: Why so many hate crypto and why it matters now
Term of the day: PAC
Macro: the US job market is fine
Macro: US consumer sentiment isn’t
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
If you’re a premium subscriber, thank you so much!! ❤
WHAT I’M WATCHING:
Coming up this week:
There’s a lot going on this week, both in macroeconomic data and political moves.
Later today, the US Senate will vote to confirm Kevin Warsh as Fed Chair.
Tuesday brings the highly anticipated US inflation data for April – will the effects of the war continue to compound? Expectations are that we will see increased price pressure, with the median forecast pointing to an acceleration of headline CPI year-on-year growth from 3.4% to 3.7% and some analysts expecting as high as 3.9%. Core inflation (ex-energy and food) is forecast to climb from 2.6% to 2.7%, the highest since last September.
(chart via Bloomberg)
On Wednesday, President Trump flies to China for meetings with Xi Jinping.
And we get the US Producer Price Index (PPI) for April – year-on-year growth is expected to accelerate from 4.0% to 4.2%, with core PPI growth picking up from 3.8% to 3.9%.
Thursday is potentially a big day for crypto: the Senate holds a markup session on the CLARITY Act, when they either cave to the banking sector’s demands for more restrictive language around stablecoin incentives, or they show some backbone and choose to protect innovation.
Thursday also brings US retail sales, with the month-on-month growth for April forecast to drop from 1.7% to 0.6%, not adjusted for prices (so it could end up negative in real terms).
And growth in import and export prices is expected to show a sharp acceleration.
Friday brings industrial and manufacturing production.
It’s also Jerome Powell’s last day as Chair of the Federal Reserve.
Monday mood: Why so many hate crypto and why it matters now
(what’s on my mind as we head into the week)
A few weeks ago, X enabled the ability to mute certain topics so related posts wouldn’t show up in our algorithmically generated “For You” feeds.
Nikita Bier, the platform’s Head of Product, recently revealed the most muted topics. The number one spot? Crypto.
