{"id":84442,"date":"2023-09-13T15:36:44","date_gmt":"2023-09-13T12:36:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84442"},"modified":"2025-09-12T17:23:12","modified_gmt":"2025-09-12T14:23:12","slug":"u-s-inflation-accelerates-bitcoin-retreats-on-modest-selling","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-inflation-accelerates-bitcoin-retreats-on-modest-selling\/","title":{"rendered":"U.S. inflation accelerates; Bitcoin retreats on modest selling."},"content":{"rendered":"

The year-over-year rise in U.S. core consumer prices, excluding energy and food, in August slowed from 4.7% to 4.3%<\/a>, which was higher than market expectations. Bitcoin retreated to around $26,000, erasing the day\u2019s gains.<\/p>\n

On a monthly basis, prices rose 0.3% versus 0.2% in July and in line with economists\u2019 expectations.<\/p>\n

The overall inflation, including the aforementioned volatile components, rose 3.7% year over year and 0.6% month over month (the largest jump in more than a year). The previous readings were 3.2% and 0.2%, respectively.<\/p>\n

Analysts had forecast readings of 3.6% year over year and 0.6% month over month.<\/p>\n

The so-called supercore category of inflation, which tracks the cost of services excluding rent \u2014 a key component for the Fed<\/span> \u2014 rose 0.37% month on month, the highest since March. This should bolster hawkish sentiment among the monetary authorities.<\/p>\n

\n
\"image-619\"
Data: Bloomberg.<\/figcaption><\/figure>\n<\/div>\n

The data released by the U.S. Bureau of Labor Statistics strengthen the case for a rise in the Fed\u2019s policy rate at one of the meetings in November\u2013December.<\/p>\n

The latest figures weighed on risk appetite in global markets. S&P 500 futures fell 0.3%. The euro versus the U.S. dollar showed notable volatility but pared losses to 0.1% as markets priced in a higher likelihood of a 14 September rate hike by the ECB<\/span>. Gold fell 0.2% as the dollar strengthened.<\/p>\n

\n
\"image-1-12\"
Data: CME Fed Watch.<\/figcaption><\/figure>\n<\/div>\n
\n

“The Fed will not raise rates next week, but, especially given the strength of the supercore, the decision on the November rate remains ‘open’,<\/em> \u2014 said Ben Jeffery of BMO Capital Markets.<\/p>\n<\/blockquote>\n

Earlier, BitMEX co-founder Arthur Hayes allowed for a possible brief dip below $20,000 followed by a new bullish impulse<\/a>. However in September he pointed to positive prospects<\/a> for Bitcoin despite Fed policy.<\/p>\n

As noted, Rick Edelman, founder of Edelman Financial Engines, forecast the price of digital gold to $150,000<\/a> by the summer of 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

The core inflation rate in the United States slowed in August, from 4.7% to 4.3%, though above forecasts. Bitcoin retraced to around $26,000, giving back the day’s gains.<\/p>\n","protected":false},"author":1,"featured_media":84443,"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-84442","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":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84442","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=84442"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84442\/revisions"}],"predecessor-version":[{"id":84444,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84442\/revisions\/84444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/84443"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}