"Bitcoin price surged past $111,000 today after new U.S. inflation data showed a milder-than-expected rise in consumer prices, strengthening expectations that the Federal Reserve will move ahead with additional rate cuts this year. The Consumer Price Index (CPI) rose 0.3% month-over-month in September, below economists' forecasts of 0.4%, while "core" CPI - excluding food and energy - rose just 0.2%, also softer than expected. On a year-over-year basis, both headline and core inflation registered 3.0%, slightly below estimates."
"The release, delayed 10 days by the ongoing government shutdown, was one of the few major economic reports to make it out this month. An exception was made due to a legal requirement for the Social Security Administration to publish its annual cost-of-living adjustment. The data reaffirmed market expectations for a 25 basis point rate cut at next week's Federal Reserve meeting and another in December, which would bring the policy rate down to a 3.75-4.00% range."
U.S. consumer prices rose 0.3% month-over-month in September, below economists' forecasts, while "core" CPI excluding food and energy increased 0.2%. Both headline and core inflation measured 3.0% year-over-year, slightly under estimates. The CPI release was delayed 10 days by the ongoing government shutdown, with an exception made for the Social Security Administration's required cost-of-living adjustment. Markets priced a 25 basis point Federal Reserve cut next week and another in December, which would lower the policy rate to 3.75–4.00%. Treasury yields slipped, the dollar weakened, the Nasdaq gained nearly 1%, and Bitcoin rallied past $111,000 after dipping to about $107,000 earlier in the week. The White House warned the shutdown could prevent October inflation data from being released.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]