U.S. June CPI Rose an In Line 0.3%; Core Rate Slightly Better Than Hoped at 0.2%
Main Idea
U.S. June CPI rose 0.3%, with core CPI slightly better than expected, leading to a modest rise in bitcoin prices following the data release.
Key Points
1. Headline CPI rose 0.3% in June, matching economist forecasts, while core CPI (excluding food and energy) increased 0.2%, slightly below expectations.
2. Year-over-year CPI was 2.7%, and core CPI was 2.9%, both slightly below or in line with expectations.
3. Bitcoin, which had been declining from record highs, rose modestly to $117,300 following the CPI data release.
4. The S&P 500 increased by 0.4%, and the 10-year Treasury yield dipped two basis points to 4.41%.
5. Market expectations for a Fed rate cut in September were around 62% following the inflation data.
Description
Inflation in the U.S. perked up in June but was mostly in line with expectations, perhaps helping to set the stage for another Federal Reserve rate cut as soon as September. The headline Consumer Price Index (CPI) rose 0.3% last month versus economist forecasts of 0.3% and just 0.1% in May. On a year-over-year basis, CPI rose 2.7% against 2.7% expected and 2.4% in May. The core CPI, which strips out food and energy costs, climbed 0.2 % in June versus 0.3% expected and 0.1% in May. Core CPI year-...
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