U.S. CPI rose 3.7% year over year in September, versus expectations of 3.6% and a previous reading of 3.4%. It rose 0.6% month over month, also faster than the previous reading. Core CPI climbed to 2.6% year over year, above the expected 2.5%, while core CPI rose 0.3% month over month—both headline and core inflation came in above expectations.
Rising gasoline prices were the main driver of the rebound in headline inflation, but the simultaneous increase in core inflation is the real concern: it shows that price pressures aren’t coming from energy alone. The Fed is most worried about core inflation failing to ease, as that would strengthen the case for rate hikes.
The data means rate expectations will need to be repriced. Markets had previously put the odds of a rate hike in October at around 23%; they’re now likely to revise that figure upward. The dollar and Treasury yields could both strengthen, putting pressure on risk assets.
BTC is currently up 0.42%, but looks quite vulnerable in the face of this hotter-than-expected CPI report. Resistance lies at 83,500–84,500, with support at 81,500–82,000. If rate-hike odds are repriced, BTC could retest support; a break below that level would put 80,000 in view.
#CPI #比特币 #宏观 $BTC $ETH
Rising gasoline prices were the main driver of the rebound in headline inflation, but the simultaneous increase in core inflation is the real concern: it shows that price pressures aren’t coming from energy alone. The Fed is most worried about core inflation failing to ease, as that would strengthen the case for rate hikes.
The data means rate expectations will need to be repriced. Markets had previously put the odds of a rate hike in October at around 23%; they’re now likely to revise that figure upward. The dollar and Treasury yields could both strengthen, putting pressure on risk assets.
BTC is currently up 0.42%, but looks quite vulnerable in the face of this hotter-than-expected CPI report. Resistance lies at 83,500–84,500, with support at 81,500–82,000. If rate-hike odds are repriced, BTC could retest support; a break below that level would put 80,000 in view.
#CPI #比特币 #宏观 $BTC $ETH