Big US economic data just dropped ๐บ๐ธ
The US economy grew 3.4% in the third quarter on an annualised basis โ faster than the roughly 3.1% economists expected, and up from 2.2% in the previous quarter.
At the same time, inflation came in hot. The PCE price index, the Fed's preferred inflation gauge, rose 0.5% in September, taking the yearly rate to 3.6%, up from 3.4%. Core PCE rose 0.3% on the month and 3.1% over the year โ both as expected, but still well above the Fed's 2% target.
This lands just one day after the Fed held interest rates steady at 3.75% to 4.00%.
What could this mean for crypto and gold?
- Strong growth plus hotter inflation keeps the pressure on the Fed. Markets are now pricing roughly an 84% chance of a rate hike in December.
- Higher-for-longer rates usually mean a stronger dollar and higher bond yields, which can weigh on Bitcoin and gold in the short term. Bitcoin is holding near $80,000 right now, so this is a level to watch, not a reason to panic.
- On the other hand, this data does not change the bigger picture overnight. One hot inflation print after a Fed hold mostly means more volatility around the next Fed meeting and today's ECB decision, due later today.
This is a macro story to watch, not a buy or sell call. Stay careful with leverage around big data days like this.
Analysis Only โ Not Financial Advice (NFA). Trading involves risk.
Follow Profit Direction for more signals, best signals and market updates. Share your opinion in the comments.
#CryptoNews #Bitcoin #Gold #Fed
The US economy grew 3.4% in the third quarter on an annualised basis โ faster than the roughly 3.1% economists expected, and up from 2.2% in the previous quarter.
At the same time, inflation came in hot. The PCE price index, the Fed's preferred inflation gauge, rose 0.5% in September, taking the yearly rate to 3.6%, up from 3.4%. Core PCE rose 0.3% on the month and 3.1% over the year โ both as expected, but still well above the Fed's 2% target.
This lands just one day after the Fed held interest rates steady at 3.75% to 4.00%.
What could this mean for crypto and gold?
- Strong growth plus hotter inflation keeps the pressure on the Fed. Markets are now pricing roughly an 84% chance of a rate hike in December.
- Higher-for-longer rates usually mean a stronger dollar and higher bond yields, which can weigh on Bitcoin and gold in the short term. Bitcoin is holding near $80,000 right now, so this is a level to watch, not a reason to panic.
- On the other hand, this data does not change the bigger picture overnight. One hot inflation print after a Fed hold mostly means more volatility around the next Fed meeting and today's ECB decision, due later today.
This is a macro story to watch, not a buy or sell call. Stay careful with leverage around big data days like this.
Analysis Only โ Not Financial Advice (NFA). Trading involves risk.
Follow Profit Direction for more signals, best signals and market updates. Share your opinion in the comments.
#CryptoNews #Bitcoin #Gold #Fed
