Waller drew a line today, and the data hit it tonight.
U.S. October CPI comes out at 9:30 p.m. tonight: headline inflation rose 0.4%, and core rose 0.3%—both 0.1 percentage points above expectations. Fed Governor Waller said just today that if core CPI reached 0.3%, a 50-basis-point rate hike should be on the table. Once the data came out, it landed right on that line.
$BTC was the first to fall below $74,000: it was still at $74,396 before the release, then plunged to $73,748 in the hour after the announcement. It’s now at $73,875, down 0.88% over 24 hours. The 24-hour low is $73,524, just $15 above the weekly low of $73,510.
$ETH fell even harder: at $2,069.90, down 2.34%, with a low of $2,028.32—the weekly low of $2,060 has already been breached. XRP also broke lower, hitting $1.05; SOL fell 2.91% to $84.24, and ZEC dropped 3.11%. Only $BNB is still up, at $685.33, a gain of 0.14%.
The market has already priced in an over 80% chance of a 25-basis-point rate hike in December. The question now isn’t whether rates will rise, but whether the hike will be 25 or 50 basis points—and the data has now crossed Waller’s line.
The next things to watch: whether $73,510 holds, and whether Fed officials start talking about 50 basis points. This is not investment advice.
U.S. October CPI comes out at 9:30 p.m. tonight: headline inflation rose 0.4%, and core rose 0.3%—both 0.1 percentage points above expectations. Fed Governor Waller said just today that if core CPI reached 0.3%, a 50-basis-point rate hike should be on the table. Once the data came out, it landed right on that line.
$BTC was the first to fall below $74,000: it was still at $74,396 before the release, then plunged to $73,748 in the hour after the announcement. It’s now at $73,875, down 0.88% over 24 hours. The 24-hour low is $73,524, just $15 above the weekly low of $73,510.
$ETH fell even harder: at $2,069.90, down 2.34%, with a low of $2,028.32—the weekly low of $2,060 has already been breached. XRP also broke lower, hitting $1.05; SOL fell 2.91% to $84.24, and ZEC dropped 3.11%. Only $BNB is still up, at $685.33, a gain of 0.14%.
The market has already priced in an over 80% chance of a 25-basis-point rate hike in December. The question now isn’t whether rates will rise, but whether the hike will be 25 or 50 basis points—and the data has now crossed Waller’s line.
The next things to watch: whether $73,510 holds, and whether Fed officials start talking about 50 basis points. This is not investment advice.
