Bitcoin Price Reacts as US CPI for July Comes in Below Expectations
Main Idea
The US Consumer Price Index (CPI) for July showed a year-over-year increase of 2.7%, slightly below estimates, while Core CPI rose to 3.1%, influencing market reactions and Federal Reserve rate cut considerations.
Key Points
1. The regular CPI for July was 2.7% year-over-year, slightly below the 2.8% estimate.
2. Core CPI, excluding volatile sectors like energy and food, increased to 3.1%, 0.1% higher than expected.
3. The Federal Reserve targets a healthy inflation rate of around 2%, but CPI data is not the sole factor in rate decisions.
4. Bitcoin (BTC) rose above $119,000, and Ethereum (ETH) surged to $4,350 following the CPI report release.
5. The latest jobs report has increased the likelihood of a Federal Reserve benchmark rate cut.
Description
The highly anticipated US Consumer Price Index numbers for July are out, and they show that inflation in the largest economy is lower than previously expected. The regular CPI came in at 2.7% year-over-year, compared to the 2.8% estimate provided by the experts. The Core CPI, which excludes volatile sectors such as energy and food, is 3.1% (0.1% higher than previously thought). U.S. CPI: +2.7% YEAR-OVER-YEAR (EST. +2.8%) U.S. CORE CPI: +3.1% YEAR-OVER-YEAR (EST. +3.0%) — Tree News (@TreeNewsFeed...
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