- Retail sales in the U.S. grew by only 0.2% in February, missing expectations, signaling slower economic growth and influencing the Federal Reserve’s upcoming interest rate decision.
- Key global events this week include Japan’s interest rate decision, the Federal Reserve’s FOMC meeting, the U.K.’s interest rate announcement, and the Pascal Hardfork on the BNB Chain.
- Analysts predict the Bank of England will maintain its 4.50% interest rate amidst economic uncertainty, while Pascal Hardfork introduces significant upgrades to the BNB Chain.
The cryptocurrency market is heading to one of the most eventful weeks of the year so far. Just today, March 17, the American government released data regarding retail sales, an important metric for consumer spending, and the potential inflationary impact that may be occurring on U.S. citizens’ purchasing power.
Analysts anticipated a 0.7% growth in retail sales, but the actual result was much lower. In February, retail sales grew by only 0.2%, a potential sign that the U.S. economy is not growing as fast as anticipated.
This data, alongside other metrics like last week’s CPI report, will aid the Federal Reserve in deciding whether to maintain the current interest rate levels or not.
Tuesday — a Key Day For Japan’s Economy
On Tuesday the Bank of Japan will announce its interest rate decision for the next economic period. The BoJ is expected to maintain its 0.5% interest rate, following a 0.25% raise on the last decision in January.
This report is not likely to have a major impact on the crypto market but nonetheless will serve as a metric for gauging Japan’s economic trajectory and the central bank’s stance on monetary policy.
Wednesday — All Eyes on the FED
The most impactful event happening this week, the Federal Reserve’s Federal Open Market Committee will take place at the FED’s Board’s headquarters in Washington, D.C. On that date, Chairman Jerome Powell will once again address the American public and announce the new interest rate policy in the U.S. economy.
Analysts heavily favor a scenario where the FED maintains the current 4.50% interest rate. The latest CPI data revealed that inflation is not completely under control, and the uncertainty regarding Donald Trump’s tariff policy will more than likely impede Powell and his team from taking a drastic interest rate cut.
On the same date, right across the Atlantic Ocean, the European Union will release its consumer price index data, giving investors an even better picture of the potential inflationary pressure happening in the old continent.
Thursday — Interest Rate Decision in The U.K. and BNB Fork
On March 19 the the United Kingdom’s turn to announce its new interest rate decision. On this date, the Bank of England will decide whether to increase, decrease, or maintain the current 4.50% interest rate.
Analysts predict that the BoE will opt to maintain the current rate, citing ongoing economic uncertainty and persistent inflationary pressures, and continuing the trend of no drastic measures amidst a potential global trade war. While the Consumer Price Index (CPI) has eased slightly in recent months, inflation remains above the Bank’s 2% target.
On the same date, Binance will oversee the implementation of the Pascal Hardfork on the BNB Chain, a significant upgrade aimed at enhancing Ethereum Virtual Machine (EVM) compatibility.
This hard-fork introduces features like smart contract wallets (EIP-7702), gasless transactions, and batch approvals, which are expected to improve user experience and developer efficiency.
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