Reserve

Bitcoin ETF

Wednesday

The U.S. Bureau of Labor Statistics on Thursday released the <a href="https://coingape.com/glossary/consumer-price-index-cpi/" target="_blank" rel="noopener noreferrer nofollow">Consumer Price Index</a> (CPI) data for December 2023 showing that U.S. inflation rose/fell to xx% in the month. The all-items index rose/fell xx% annually as compared with a 3.1% rise in November.
<h2 id="u-s-cpi-advances-descends-unchanged-in-december">U.S. CPI advances/descends/unchanged in December</h2>
&nbsp;
Market on average was expecting core CPI to remain unchanged at 0.3% from the month before, while year-on-year inflation was expected to slow to 3.8% from November’s 4%, a <a rel="noopener noreferrer nofollow" href="https://www.reuters.com/markets/global-markets-wrapup-1-2024-01-11/#:~:text=Market%20attention%20has%20zeroed%20in,%25%2C%20a%20Reuters%20poll%20showed.">Reuters</a> poll showed.
Financial sectors across the globe, including the crypto markets had a volatile session this week amid the much-anticipated Bitcoin ETF approval. However, today’s CPI data will provide important cues to understand the Federal Reserve’s upcoming interest rate decision.
Since the beginning of the year, investors have been placing bets on how quickly and steeply the Fed and other institutions will cut interest rates. Fed futures pricing shows that traders are expecting an easing of 140 basis points (bps) this year, as opposed to the 160 bps reduction that was anticipated by the end of 2023.
Still, it is higher compared to the Fed’s projection of 75 bps of cuts in the year. According to the CME FedWatch tool, markets are pricing in a 69% chance of a rate cut as soon as in March.
Meanwhile, Federal Reserve Bank of New York President John Williams said on Wednesday it was too soon to call for rate cuts as the central bank still had some distance to go on getting inflation back to its 2% target, according to a report by Reuters.
Today’s Cooler-than-expected inflation data will give the Fed more reason to cut rates this year/Today’s hotter-than-expected data can give the Fed reasons to keep rates steady for a bit more.
The post <a href="https://coingape.com/breaking-u-s-cpi-falls-rises-to-xx-in-december-in-line-with-missing-beating-market-expectations/" rel="noopener noreferrer nofollow">Breaking: U.S. CPI Falls/Rises To xx% in December, In Line With Missing/Beating Market Expectations</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Breaking: U.S. CPI Falls/Rises To xx% in December, In Line With Missing/Beating Market Expectations

Table of Contents

Coingape News Media

Other articles published on Jan 11, 2024

XRP Price Surge Triggers 22 Million XRP Transfer From Major Korean Exchange

Analyst Predicts XRP’s Potential Surge to $5 Amidst Significant Whale Activity

Bitcoin miners and traders anticipate spot Bitcoin ETF effects

Ethereum Price Breaks Out Of Its Key Level! Will ETH Price Cross $3,000 This Month?

Is Spot Bitcoin ETF Worth Buying? Here’s What You Should Know

Bitcoin: Assessing BTC’s Open Interest trend amid ETF buzz

Join our free newsletter for daily crypto updates!