As a seasoned analyst with over two decades of market experience under my belt, I have witnessed numerous economic indicators sway the crypto market tides. Today, the 2.6% surge in US CPI inflation has sent ripples through the market, as anticipated by many, but perhaps not to this extent.
New data reveals that the U.S. Consumer Price Index (CPI) increased to 2.6% in the most recent report, a jump from the 2.4% recorded in September. This unexpected rise has ignited debates within the cryptocurrency market. Interestingly, investors had been expecting even higher inflation figures, which may explain their reluctance to engage today. Furthermore, this significant increase has raised apprehensions about potential changes in the Federal Reserve’s monetary policy strategies.
Besides, it also triggered discussions over its potential impact on Bitcoin and the altcoin prices.
US CPI Comes In At 2.6%
Based on the most recent data released by the Labor Department, the Consumer Price Index (CPI) for the U.S. remained steady at 0.2% in October compared to September. Despite this month-to-month consistency, the year-over-year inflation rate climbed to 2.6%, a significant jump from the previous month’s 2.4%. This increase in yearly inflation (YoY) represents the first uptick in eight months, causing some unease among market participants.
At the same time, the Core Consumer Price Index (CPI), which doesn’t consider food and energy costs, stayed constant at 0.3% in October. This figure matched the forecasts from experts and was identical to the previous month’s reading. Furthermore, on a year-over-year basis, this Core CPI figure also remained steady at 3.3%.
The unexpectedly high inflation rates in CPI have raised worries about the U.S. Federal Reserve’s forthcoming decisions regarding monetary policy. Since this figure is significant to the central bank, it seems likely that these numbers may encourage a more aggressive approach from the Fed. Furthermore, such concerns among investors could potentially influence Bitcoin and other cryptocurrency prices as well.
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2024-11-13 16:37