{"id":17671,"date":"2024-10-10T15:35:13","date_gmt":"2024-10-10T12:35:13","guid":{"rendered":"https:\/\/forklog.com\/en\/us-inflation-surpasses-expectations-bitcoin-falls-below-61000\/"},"modified":"2024-10-10T15:35:13","modified_gmt":"2024-10-10T12:35:13","slug":"us-inflation-surpasses-expectations-bitcoin-falls-below-61000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-inflation-surpasses-expectations-bitcoin-falls-below-61000\/","title":{"rendered":"US Inflation Surpasses Expectations, Bitcoin Falls Below $61,000"},"content":{"rendered":"

In September, annual inflation in the US reached 2.4%<\/a>, compared to 2.5% the previous month. This figure exceeded market expectations of 2.3%.<\/p>\n

On a monthly basis, the consumer price index rose by 0.2%, the same as in August. The consensus forecast had predicted an increase of 0.1%.<\/p>\n

Excluding food and energy prices, the index rose by 0.3% from the previous month and by 3.3% compared to September last year. In the previous report, the figures were 0.3% and 3.2%, respectively.<\/p>\n

Analysts had expected the annual rate to remain at 3.2% and the monthly rate to slow to 0.2%.<\/p>\n

The negative impact of disappointing inflation data is tempered by a jump in unemployment benefit claims from 225,000 to 258,000, against a forecast of 231,000. This discrepancy can be attributed to the effects of hurricanes and strikes.<\/p>\n

Prices for services excluding housing and energy rose by 0.4% following increases of 0.33% in August, 0.21% in July, and decreases of 0.05% and 0.04% in May-June. The Fed<\/span> noted the importance of this metric in analyzing the inflation trajectory.<\/p>\n

Another key indicator for monetary authorities, rental prices, increased by 0.2% after reaching a high of 0.49% in August and 0.36% in July.<\/p>\n

The release of macroeconomic statistics has pushed Bitcoin towards a return to intraday lows. The price is testing the support zone at $60,900-61,000. The daily decline rate has intensified to 1.7%. A similar situation occurred with Ethereum, where the rate fell below $2400.<\/p>\n

\"1-1250\"
15-minute BTC\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Bloomberg noted<\/a> that higher-than-expected inflation figures rule out a 50 basis point rate cut in November. They also cast doubt on the Fed’s willingness to ease monetary policy by 150 basis points over the cycle.<\/p>\n

The swap market assesses the probability of a 25 basis point Fed rate cut in November at 85%, up from 80% at the start of the week. This dynamic reflects the impact of unemployment benefit claims data.<\/p>\n

In the futures market, traders have increased the probability of a 25 basis point rate cut from 80.3% to 88.4%.<\/p>\n

\"1-1251\"
Data: CME Fed Watch<\/a>.<\/figcaption><\/figure>\n

Earlier in October, Fed Chairman Jerome Powell announced further easing of monetary policy to stimulate economic growth and increase employment.<\/p>\n

Previously, FalconX experts highlighted the benefits of a key rate cut for Ethereum. <\/p>\n","protected":false},"excerpt":{"rendered":"

In September, annual inflation in the US reached 2.4%, compared to 2.5% the previous month. This figure exceeded market expectations of 2.3%. On a monthly basis, the consumer price index rose by 0.2%, the same as in August. The consensus forecast had predicted an increase of 0.1%. Excluding food and energy prices, the index rose […]<\/p>\n","protected":false},"author":1,"featured_media":17670,"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":[480,1224],"class_list":["post-17671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17671","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=17671"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17670"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}