As a seasoned crypto investor with a penchant for keeping my finger on the pulse of economic developments, today’s inflation report has left me scratching my head more than usual. The U.S. Bureau of Labor Statistics reporting an annual inflation rate of 2.4% is certainly noteworthy, but its impact on Bitcoin seems to be as elusive as a unicorn on a foggy morning.
This morning, the United States Bureau of Labor Statistics announced that the yearly inflation rate surpassed predictions, rising to 2.4%.
At the moment, a Bitcoin transaction is occurring at approximately $60,533 on the Bitstamp platform. However, this news seems to have minimal effect on its price fluctuations. Over the last day, the value of Bitcoin has dropped by almost 3%.
In September, the Consumer Price Index (CPI), which was just released, showed an uptick of 0.2%. However, economists had anticipated a more modest growth of merely 0.1% for the same month.
Unexpectedly high inflation could lead the U.S. Federal Reserve to postpone a planned interest rate reduction scheduled for November.
According to Regan Capital’s Skyler Weinand, it appears that the Federal Reserve might temporarily pause any additional interest rate reductions.
Currently, Holly Newman Kroft, who serves as a managing director at Neuberger Berman Private Wealth, has expressed her viewpoint that the latest Consumer Price Index (CPI) report may not significantly influence the financial market.
The CPI is a little bit higher than expected, but it doesn’t change our view of the market at all,” she told CNBC earlier today.
The analyst expects the Fed to continue cutting rates despite the slight uptick in inflation.
According to Jason Furman, a prominent American economist and professor at Harvard University, the potential danger of rising prices, or inflation, isn’t as severe as it once was. Nevertheless, the Federal Reserve still needs to address some issues.
According to data from Polymarket, there’s an 81% likelihood that the Federal Reserve will lower interest rates by a quarter of a percent (0.25%) in November.
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2024-10-10 19:07