Bitcoin

April

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>BTC’s price just raced above $63k, as today’s CPI report was released.</li> 
 <li>The report notes that the inflation rate for April eased to 3.4%.</li> 
</ul> 
<p>Bitcoin’s price at the moment of writing this article is above $63k as April’s CPI is here. The coin is up over 3% in 24 hours on CoinMarketCap.</p> 
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<p>The CPI report has landed, and shows inflation eased to 3.4% in April from a year ago, which was in line with economist expectations.</p> 
<p>The CPI report reveals the following:</p> 
<ul> 
 <li>U.S. consumer price index rises 0.3% in April, below 0.4% forecast</li> 
 <li>Core CPI, which omits food &amp; energy, increased 0.3% in April, matching the forecast.</li> 
 <li>12-month rise in CPI slows to 3.4% from 3.5% in the prior month.</li> 
 <li>The increase in core CPI in the past 12 months slips to 3.6% from 3.8%.</li> 
</ul> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="fr" dir="ltr">❖ U.S CPI (MOM) (APR) ACTUAL: 0.3% VS 0.4% PREVIOUS; EST 0.4%</p> 
 <p>❖ U.S CPI (YOY) (APR) ACTUAL: 3.4% VS 3.5% PREVIOUS; EST 3.4%</p> 
 <p>❖ U.S CORE CPI (MOM) (APR) ACTUAL: 0.3% VS 0.4% PREVIOUS; EST 0.3%</p> 
 <p>❖ U.S CORE CPI (YOY) (APR) ACTUAL: 3.6% VS 3.8% PREVIOUS; EST 3.6%</p> 
 <p>— *Walter Bloomberg (@DeItaone) <a href="https://twitter.com/DeItaone/status/1790721674091893120?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Investors have been eagerly waiting for the data for clues on when and how often the Fed might cut interest rates this year.</p> 
<p>The past three <a href="https://crypto.ro/en/news/bitcoins-price-fails-to-hold-69k-following-todays-cpi/">CPI</a> releases have been surprisingly hot and caused investors to pull back expectations for interest-rate-cuts.</p> 
<p><a href="https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-05-15-2024" rel="nofollow noopener" target="_blank">WSJ</a> noted recently that Karim Chedid, investment strategist at BlackRock said earlier that they are seeing inflation volatility remaining and their base case is that higher for longer was still a theme for rates.</p> 
<p>The PPI index, out the other day, rose more than expected in April.</p> 
<h2 id="ppi-report-showed-a-0-5-increase-for-the-month">PPI report showed a 0.5% increase for the month</h2> 
<p>Yesterday’s PPI reports showed that wholesale prices jumped more than expected in April. The producer price index, PPI, a gauge of prices received at the wholesale level, increased 0.5% for the month, according to the <a href="https://www.bls.gov/news.release/ppi.nr0.htm" rel="nofollow noopener" target="_blank">Labor Department’s Bureau of Labor Statistics</a>.</p> 
<p>This was higher than the 0.3% Dow Jones estimate. As <a href="https://www.cnbc.com/2024/05/14/ppi-report-wholesale-prices-rose-0point5percent-in-april-more-than-expected.html" rel="nofollow noopener" target="_blank">CNBC</a> noted, the March reading was revised from an initially reported 0.2% gain to a decline of 0.1%.</p> 
<p>The core PPI also rose by 0.5% compared with the 0.2% Dow Jones estimate. Excluding trade services from the core group showed a 0.4% increase on the month and 3.1% on a 12-month basis – this was the highest level since April 2023.</p> 
<p>On a year-over-year basis, the wholesale inflation rose 2.2%, the highest in a year. The core PPI inflation was at 2.4%, the biggest annual move since August of last year. CNBC noted that both these numbers were in line with Reuters’ estimates.</p> 
<p>Chris Larkin, managing director of trading and investing for E-Trade from Morgan Stanley noted that sticky inflation looked downright stuck after a much hotter-than-expected inflation reading.</p> 
<p>He said that with last month’s numbers revised lower, the report may not have been as much of an upside shock as it first appeared to be.</p> 
<p>Services prices boosted the wholesale inflation, rising 0.6% and accounting for about three-quarters of the headline gain. The final demand goods index increased 0.4%.</p> 
<p>Scott Melker also addressed the hotter-than-expected numbers on his X account asking why the Fed would cut again.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">Inflation coming in a bit hot again. </p> 
 <p>Why would the Fed cut again? Can someone tell me please? <a href="https://t.co/VG7BLBTJ60" rel="nofollow" target="_blank">https://t.co/VG7BLBTJ60</a></p> 
 <p>— The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1790359810019303574?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 14, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Policymakers have been saying in recent days that they expected inflation to trend lower through the year.</p>

Bitcoin Above $63k, Following Today’s CPI Report

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