Global Monetary Policy Meets Crypto Earnings as Markets Prepare for a Volatile Week -

Here’s a rundown of the major events, economic indicators, and crypto developments to watch during the week starting July 27.

Interest rate decisions are expected to be a key market driver, with the Federal Reserve, Bank of England, and Bank of Japan all anticipated to keep their current policies unchanged. Investors will nevertheless be looking for clues on whether higher energy costs could encourage central banks to maintain tighter monetary conditions.

CME FedWatch data currently indicates a 33% possibility of a U.S. rate increase, while prediction markets assign a 19% chance, a notable rise from nearly zero earlier in the month. Gregory Daco, chief economist at EY-Parthenon, said September could serve as the first major opportunity to evaluate the Fed’s policy stance, according to CBS News.

Thursday will bring the week’s most important economic releases, including U.S. second-quarter GDP and June PCE inflation figures. Strong growth combined with stubborn inflation could reinforce expectations that interest rates will remain elevated for longer, potentially creating headwinds for crypto through higher yields and a stronger dollar. On the other hand, weaker readings could ease those pressures and improve sentiment toward risk assets.

A Reuters poll showed that all 70 economists surveyed expect the Bank of England to hold its benchmark rate at 3.75%. The Bank of Japan is also expected to maintain rates at 1%, though markets are watching for the possibility of another hike later this year.

Beyond macro factors, the crypto sector will see several important developments. BitMEX is scheduled to settle 35 derivatives contracts early, while FTX Recovery Trust is preparing its next creditor distribution worth roughly $900 million. Earnings reports from Robinhood, Coinbase, and Strategy will offer additional insight into retail trading activity and the outlook for digital asset treasury firms.

Events to Monitor

Crypto Calendar

July 27: The CFTC’s consultation period on extending listed derivatives trading to a 24/7 schedule and permitting perpetual contracts for physically delivered or storable commodities ends.

July 29: Polygon will carry out its Ithaca hard fork upgrade on the mainnet.

July 30: BitMEX will settle and remove 35 derivatives contracts as part of its platform wind-down process.

July 31: FTX Recovery Trust will begin its fifth creditor repayment distribution.

Economic Calendar

July 27, 8:30 a.m. ET: U.S. June Durable Goods Orders month-over-month data release (previous: -4.5%).

July 28, 9:30 p.m. ET: Australia’s June CPI report and RBA Trimmed Mean CPI figures.

July 29, 2:00 p.m. ET: Federal Reserve interest rate decision, with markets expecting rates to remain at 3.75%.

July 29, 2:30 p.m. ET: Fed press conference covering monetary policy, inflation expectations, and the economic outlook.

July 30, 5:00 a.m. ET: Eurozone second-quarter GDP flash estimate.

July 30, 7:00 a.m. ET: Bank of England interest rate announcement, expected at 3.75%.

July 30, 8:30 a.m. ET: U.S. second-quarter GDP advance estimate and weekly jobless claims data.

July 30, 8:30 a.m. ET: June PCE inflation report, including headline and core inflation readings.

July 30, 9:30 p.m. ET: China’s July manufacturing and non-manufacturing PMI reports.

July 30, 11:00 p.m. ET: Bank of Japan interest rate decision, expected at 1%.

July 31, 5:00 a.m. ET: Eurozone July CPI flash report, including core inflation figures.

Earnings Schedule

July 28: PayPal Holdings (PYPL) reports quarterly earnings before market open.

July 29: Robinhood Markets (HOOD), Riot Platforms (RIOT), and SoFi Technologies (SOFI) release their results.

July 30: Mastercard (MA), Coinbase Global (COIN), and Strategy (MSTR) report earnings.

July 31: Cboe Global Markets (CBOE) and Trump Media & Technology Group (DJT) release financial updates.

Token Governance and Network Updates

Decentraland DAO is voting on a proposal to reduce Wearables and Emotes submission costs to $25, while also introducing annual reviews and mandatory 30-day updates for governance documents. Voting ends July 28 and July 30.

Cardano’s community is reviewing several treasury funding proposals, including 9.83 million ADA for Blockfrost API, 1.78 million ADA for the Daedalus wallet, and 4.96 million ADA for an enterprise ticketing platform. Voting concludes July 28.

Optimism is holding veto votes on two maintenance proposals involving Ink Mainnet’s sequencer settings and the transfer of Swell’s administrative ownership to AltLayer as part of its wind-down. Both proposals will proceed automatically unless vetoed by July 28.