{"id":78553,"date":"2023-05-10T15:35:13","date_gmt":"2023-05-10T12:35:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78553"},"modified":"2025-09-11T05:51:06","modified_gmt":"2025-09-11T02:51:06","slug":"inflation-barely-budges-bitcoin-climbs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/inflation-barely-budges-bitcoin-climbs\/","title":{"rendered":"Inflation barely budges; Bitcoin climbs."},"content":{"rendered":"

Year-on-year inflation in the United States slowed in April from 5% to 4.9%, below the 5% forecast. Bitcoin settled above $28,000, rising 2.1% on the day.<\/p>\n

On a monthly basis, consumer prices rose 0.4%, up from 0.1%, in line with market expectations.<\/p>\n

The core metric, which excludes food and energy, also matched analysts\u2019 forecasts, at 5.5% year over year and 0.4% month over month. The previous readings were 5.6% and 0.4%, respectively.<\/p>\n

Data from the U.S. Bureau of Labor Statistics (BLS) broadly met expectations and did not fundamentally alter market views on the end of Fed<\/span>‘s tightening cycle.<\/p>\n

According to calculations by Bloomberg<\/a>, inflation in the services sector, which has recently been a key gauge for the Fed’s actions, slowed year-on-year to the minimum since July 2022 of 0.1% and 5.1%.<\/p>\n

Investors were even more convinced that the May rate hike is likely to be the last.<\/p>\n

The futures market trimmed the odds of further tightening in June from 21.2% to 14.2% and raised the odds of a 25bp rate cut in July\u2014from 29.3% to 35.7%.<\/p>\n

\n
\"image-275\"
Data: CME Fed Watch<\/a>.<\/figcaption><\/figure>\n<\/div>\n

The cryptocurrency market reacted modestly positively to the BLS data. Bitcoin moved above $28,000, with digital gold up more than 2%.<\/p>\n

\n
\"image-280\"
15-minute BTC\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n

Ethereum rose to $1,890, up 1.8%.<\/p>\n

\n
\"image-278\"
15-minute ETH\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n

According to CoinGecko<\/a>, all top-10 by market capitalization assets over the last hour were in the green. Gains ranged from 1.2% (BNB) to 3% (Cardano).<\/p>\n

\"image-279\"
Data: CoinGecko.<\/figcaption><\/figure>\n

The stock market reacted positively to the employment data. As of writing, the Nasdaq 100 futures were up 0.9%, the S&P 500 up 0.75%.<\/p>\n

On May 3, the Fed raised the target range for the federal funds rate<\/a> to 5\u20135.25%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Year-on-year inflation in the United States slowed in April from 5% to 4.9%, below forecasts of 5%. Bitcoin settled above $28,000, rising 2.1% on the day.<\/p>\n","protected":false},"author":1,"featured_media":78554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1249,1224],"class_list":["post-78553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-federal-reserve-system","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78553","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=78553"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78553\/revisions"}],"predecessor-version":[{"id":78555,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78553\/revisions\/78555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/78554"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=78553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=78553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=78553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}