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Market Week Ahead: Inflation Data, Bitcoin, Powell Testimony, and more

Even though market sentiment started off 2022 on a sour note, there were clear winners and losers on Wall Street. Dow Jones futures declined about 0.1% this past week, while the tech-heavy Nasdaq 100 sank about 4.35% in the worst performance since February.

The coming week will bring closely followed inflation figures, while Federal Reserve Chair Jerome Powell and Vice-Chair Lael Brainard are to testify at their nomination hearings on Tuesday and Thursday, respectively.

Inflation Data

Wednesday’s consumer price inflation data is expected to show headline CPI breaking above 7% year-on-year – rapidly approaching a four-decade high – with the core rate rising well above 5% year-over-year. Producer price inflation data the following day is also expected to show a surge higher.

The inflation data will be followed by reports on December retail sales and industrial production on Friday.

Powell Testimony

Fed Chair Jerome Powell is due to testify Tuesday before the Senate Banking Committee at a hearing to confirm his nomination to a second four-year term as Fed head while Fed Governor Lael Brainard is to appear before the same committee two days later for a confirmation hearing on her nomination to vice-chair.

Earnings

Earnings season kicks off in earnest in the coming week with investors getting a look at fourth quarter results from several large banks, including JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) ahead of the market open on Friday.

Volatility to Continue

Indications that the Fed is ready to hike rates faster than previously anticipated as it combats surging inflation roiled markets in the first week of 2022 and that volatility looks set to continue.

Bitcoin

Bitcoin has come under pressure since the start of the new year, falling to its lowest level since late September amid a broader selloff in cryptocurrencies driven by concerns over the prospect of a more hawkish Fed.

(source: Reuters and Investing.com)

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