{"id":13544,"date":"2024-05-15T17:13:41","date_gmt":"2024-05-15T14:13:41","guid":{"rendered":"https:\/\/forklog.com\/en\/us-inflation-slows-bitcoin-holds-above-64000\/"},"modified":"2024-05-15T17:13:41","modified_gmt":"2024-05-15T14:13:41","slug":"us-inflation-slows-bitcoin-holds-above-64000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-inflation-slows-bitcoin-holds-above-64000\/","title":{"rendered":"US Inflation Slows, Bitcoin Holds Above $64,000"},"content":{"rendered":"

Annual inflation in the United States slowed to 3.4% in April from 3.5%<\/a>, aligning with consensus forecasts.<\/p>\n

On a monthly basis, the consumer price index rose by 0.3%, compared to expectations of 0.4% and the same figure for March.<\/p>\n

Excluding food and energy prices, the index increased by 0.3% from the previous month and by 3.6% compared to April last year. The previous month’s figures were 0.4% and 3.8%, respectively. This marks the first slowdown in monthly dynamics in six months.<\/p>\n

\"1-1039\"
Data: Bloomberg<\/a>.<\/figcaption><\/figure>\n

Analysts had anticipated a slowdown in annual rates to 3.6% and monthly rates to 0.3%.<\/p>\n

According to Bloomberg, service prices, excluding housing and energy, rose by 0.4% compared to March, the weakest figure this year. The Fed<\/span> noted the importance of this metric in analyzing the inflation trajectory.<\/p>\n

Alongside the CPI<\/span>, retail sales data were released. Compared to March, the indicator remained unchanged against a consensus forecast of a 0.4% increase. Excluding transportation, the indicator rose by 0.2% in April, matching economists’ expectations.<\/p>\n

\n

\u201cThis opens the door for a possible rate cut later this year. More metrics indicating a decline in inflation will be needed for the Fed to act,\u201d<\/em> commented Charles Schwab’s chief strategist, Kathy Jones.<\/p>\n<\/blockquote>\n

The market reacted positively to the macroeconomic data release. Treasury yields fell, S&P 500 futures rose, and the dollar weakened. Traders increased the likelihood of a rate cut in September to about 71% from 65% the previous day.<\/p>\n

\"2-796\"
Data: CME Fed Watch<\/a>.<\/figcaption><\/figure>\n

The macroeconomic data spurred a rise in Bitcoin, whose price jumped 2.6% within an hour. Ethereum rose by 2.4% over the same period. The price of the leading cryptocurrency held above $64,000, while the second approached $3,000.<\/p>\n

\"3-460\"
15-minute BTC\/USDT chart on Binance. Data:\u00a0TradingView<\/a>.<\/figcaption><\/figure>\n

Bloomberg warned that the data might give the Fed some hope that inflation is resuming a downward trend. However, officials will want to see additional indicators to gain confidence in beginning rate cuts.<\/p>\n

A day earlier, Federal Reserve Chairman Jerome Powell stated that the central bank \u201cmust be patient and allow restrictive policy to do its work.\u201d<\/p>\n

Earlier in May, former BitMEX CEO Arthur Hayes suggested that digital gold prices could surpass $60,000 and move towards $70,000 by the end of August. He attributed the potential recovery to increased dollar liquidity.<\/p>\n

Previously, Galaxy Digital CEO Mike Novogratz predicted Bitcoin would rise to $75,000 by the end of June, citing Fed actions and the US presidential elections as drivers.<\/p>\n

Later, Cane Island Alternative Advisors analyst Timothy Peterson noted that for the leading cryptocurrency to reach $100,000, a factor related to US central bank policy would be necessary.<\/p>\n","protected":false},"excerpt":{"rendered":"

Annual inflation in the United States slowed to 3.4% in April from 3.5%, aligning with consensus forecasts. On a monthly basis, the consumer price index rose by 0.3%, compared to expectations of 0.4% and the same figure for March. Excluding food and energy prices, the index increased by 0.3% from the previous month and by […]<\/p>\n","protected":false},"author":1,"featured_media":13543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1249,1224,1145,1150],"class_list":["post-13544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-federal-reserve-system","tag-macroeconomics","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13544"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13543"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}