The U.S. Consumer Price Index (CPI) was flat in May, beating economist forecasts for a 0.1% rise and down from 0.3% in April.
After inflation readings rapidly fell in 2022 and 2023 as the Federal Reserve jacked up interest rates, the trend stalled in the at stubbornly higher levels than policymakers' 2% target, pouring cold water on market participants' expectations of rate cuts.
Crypto prices have been 'highly sensitive' to U.S. economic data recently...Traders anticipate that looser monetary conditions will fuel the crypto rally's next leg to record prices.
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