Investors are eagerly awaiting key reports this week that will provide valuable insights into the US economy's health and future prospects. The Personal Consumption Expenditures (PCE) report, a crucial inflation measure, is among the most highly anticipated releases. Additionally, reports on consumer sentiment and inflation expectations will also be closely watched for their potential impact on markets.

This week's economic events kick off with the release of consumer confidence data on Tuesday, offering a glimpse into sentiment and the state of economic recovery. The first major report, the Q1 2024 GDP Growth Annualized (final estimate), is due on Thursday, with expectations that it will confirm a slowdown in economic growth. Friday promises to be a busy day, with the release of May's Core PCE, Personal Income, and Personal Spending reports, all of which will provide crucial information about the overall economic health.

These reports will be closely scrutinized by investors and policymakers, particularly in light of lower-than-expected May CPI numbers. The Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports will also be released on Friday, offering insights into consumer confidence levels and long-term inflation expectations. With a total of eight Fed speaker events lined up this week, market volatility is expected to increase, potentially impacting risk-on assets like crypto.

The crypto market has already experienced a significant decline, with total capitalization falling 5% in the past 24 hours to hit a six-week low of $2.35 trillion. Bitcoin and Ethereum have also slid, with the latter reaching a six-week low of $3,310 during Asian trading on Monday. Altcoins have suffered heavier losses, with Solana, Dogecoin, Shiba Inu, and Avalanche all feeling the pain.

As the economic calendar unfolds, investors will be watching closely for signs of the US economy's health and future prospects. With so much at stake, this week's reports will play a crucial role in shaping market sentiment and potentially influencing central bank decisions.