A few key data points from last week are worth noting: the US November ADP employment data was unexpectedly weak and missed market expectations; the core PCE inflation rate for September was 2.8%, a bit lower than the previous figure and forecasts. Taken together, these two signals somewhat suggest the economy is cooling down.

This week is the real highlight. The Fed’s December rate decision is about to be announced, and the market is closely watching what Powell will say. Several other heavyweight figures will also speak publicly—Hassett, known as the "shadow chairman of the Fed," will make remarks, and Bank of Japan Governor Kazuo Ueda will also appear.

To be honest, this is a pretty delicate moment. Employment data is weakening, inflation is easing, but will the Fed adjust its pace because of this, or continue to wait and see? These speeches might reveal some clues. For those of us in the crypto space, any change in expectations around US dollar liquidity could trigger a chain reaction, so it’s advisable to keep a close eye.