🖐 Macro Watch | Sep 22 – 28, 2025

PMIs, Powell, housing data, and PCE inflation take the spotlight this week, all key drivers for market volatility.
Here are the most crypto-relevant macro events to watch this week:

🗓 Tuesday, September 23
🇺🇸 S&P Global Manufacturing PMI (Sep) – 🕕 13:45
   💡 Consensus: 51.8 | Previous: 53.0
🇺🇸 S&P Global Services PMI (Sep) – 🕕 13:45
   💡 Consensus: 53.8 | Previous: 54.5
🇺🇸 Fed Chair Powell Speaks – 🕕 16:35

🗓 Wednesday, September 24
🇺🇸 New Home Sales (Aug) – 🕕 14:00
   💡 Consensus: 651K | Previous: 652K
🇺🇸 Crude Oil Inventories – 🕕 14:30
   💡 Previous: -9.285M

🗓 Thursday, September 25
🇨🇭 SNB Interest Rate Decision (Q3) – 🕕 07:30
   💡 Consensus: 0.00% | Previous: 0.00%
🇺🇸 Durable Goods Orders (MoM - Aug) – 🕕 12:30
   💡 Consensus: -0.4% | Previous: -2.8%
🇺🇸 GDP (QoQ - Q2) – 🕕 12:30
   💡 Consensus: 3.3% | Previous: 3.3%
🇺🇸 Initial Jobless Claims – 🕕 12:30
   💡 Consensus: 235K | Previous: 231K
🇺🇸 Existing Home Sales (Aug) – 🕕 14:00
   💡 Consensus: 3.96M | Previous: 4.01M

🗓 Friday, September 26
🇺🇸 Core PCE Price Index (MoM - Aug) – 🕕 12:30
   💡 Consensus: 0.2% | Previous: 0.3%
🇺🇸 Core PCE Price Index (YoY - Aug) – 🕕 12:30
   💡 Consensus: 2.9%

🤔 Why it matters:
Powell’s remarks and PCE inflation are the key catalysts this week. PMI softness and housing data test U.S. growth momentum, while the SNB decision and oil swings add cross-asset volatility.

👀 Keep an eye on Friday’s PCE, it’s the Fed’s favorite inflation gauge.

🔔 Mark your calendars. Markets are watching every word.

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