The annual rate of the US core PCE price index in June, released last night, was 2.6%, higher than expected.
This data makes the market generally expect that the Federal Reserve will keep interest rates unchanged in July, but it is possible to start cutting interest rates in September.
Analysts at eToro pointed out that the latest PCE data will lay the foundation for the expectation of interest rate cuts by Federal Reserve Chairman Powell in September.
In addition, US presidential candidate Kennedy said that he learned that President Trump might announce plans to authorize the US government to purchase one million bitcoins as a strategic reserve asset, and he appreciated it. Kennedy also mentioned that most of his wealth has been invested in Bitcoin and he will devote himself to it.
The current market narrative revolves around the Bitcoin Consensus Conference, and everyone is paying attention to whether Trump will really announce Bitcoin as a strategic reserve asset. If this news is confirmed, it may have a significant impact on the Bitcoin market.
