🔥💥 US inflation brought an increase in #Bitcoin : When will interest rate cuts come?
Inflation figures for April in the #US have been announced. The arrival of both headline and core inflation data as expected allowed Bitcoin to rise. There has been an increase of more than $ 2000 in the largest cryptocurrency. After the release of the figures, the markets started pricing in a 2pc interest rate cut for 2024.
The US Department of Labor (BLS) announced the highly anticipated inflation figures, while the annual inflation figure for April was 3.4%. The expectations were like this again. As expected, the increase in core inflation, one of the Fed's most important data, was 3.6%. Thus, it is the 37th in a row that inflation in the US is above 3%. the month has passed.
Will interest rate cuts come: the rise in Bitcoin
The announcement of the inflation data as expected brought a rise in Bitcoin. The largest cryptocurrency rose from levels of $ 62,500 to 64,600. After the figures, the markets started to price two interest rate cuts for 2024. December September and December, the expectation is that the Fed will cut rates by 25 basis points each. For the time being, the Fed is expected to cut rates by 25 basis points each.…
These figures also indicate that inflation has fallen for the 3rd time in a row. However, the opposite situation happened in the PPI in the US and the PPI data is the 3rd in a row. he also experienced a rise on the moon. The impact of this situation on consumer inflation will become clearer in the coming months.
The Fed, on the other hand, is currently implementing a wait-and-see strategy and, as chairman Powell said, continues to make decisions “from meeting to meeting”. The Fed's next meeting and interest rate decision will come on June 12.