Jerome Powell

Bitcoin ETF

Bitcoin

when

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<p>The latest consumer price index (CPI) data showed inflation falling to 3.4% year-over-year in April, in line with expectations. While still above the Fed's 2% target, this marked some progress in cooling price pressures. The core CPI, which strips out volatile food and energy costs, was also in line at 3.6%. However, with the producer price index (PPI) rising for three straight months, questions remain about when and if the Fed will start cutting interest rates.</p>
<p>Fed Chair Jerome Powell sounded upbeat about the economic picture, citing strong labor markets, rising wages, business investment, and immigration all supporting growth. He believes the labor market has rebalanced from being overheated a couple years ago. However, some analysts wonder if the Fed will have to adjust its 2% inflation target, as lowering prices could mean lower corporate profit margins and stock prices.</p>
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<p>Bitcoin and the crypto markets rallied on the inflation data, with Bitcoin surging over 7% to around $66,000. Ethereum also posted solid gains over 4%. The moves seemed to reflect hopes that cooling inflation could allow the Fed to pause or reverse its interest rate hikes. Vanguard, a holdout among major asset managers in offering crypto products, named a new CEO who previously oversaw the launch of a Bitcoin ETF at BlackRock, fueling speculation it may enter the space.</p>
<p>One area of focus is whether Congress will pass legislation allowing stablecoin regulation, which has already cleared the House. A key Senate Democrat indicated members would be allowed to "vote their conscience" on the bill. If passed, it could force the President's hand on the veto threat. The crypto community is being urged to contact representatives on the issue.</p>
<p>Looking ahead, all eyes will be on the May and June inflation reports to gauge if the disinflationary trend continues. This could set up a potential Fed rate cut late in the summer, though some analysts warn the market typically crashes after a Fed pivot to cutting rates. With earnings season approaching, the reaction of profit margins will also be closely watched. The path forward remains uncertain but filled with market-moving events.</p>
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Inflation Data Crypto Pump! Bitcoin Hits $65,000

Paul Barron Network

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