Bitcoin Rises as Inflation Data Keeps Fed Rate Hike Odds Near 62%
Bitcoin and ether rose after new inflation data left the Federal Reserve’s rate-hike odds largely unchanged, according to Decrypt. Annual inflation held at Inflation held at 3.4% and core cooled annually, but a hot monthly core reading kept Fed hike odds near 62% while crypto markets rallied broadly.
, and core inflation cooled year-over-year, but a hotter-than-expected monthly core reading kept the odds of a Fed rate hike near Inflation held at 3.4% and core cooled annually, but a hot monthly core reading kept Fed hike odds near 62% while crypto markets rallied broadly.
, Decrypt reported.
Bitget analyst Lewis Huang told The Block that the data revealed a split: headline inflation accelerated on energy costs even as core inflation continued to ease. The Block reported that this divergence left traders parsing which figure the Fed would weight more heavily.
Ahead of the release, rising bond yields and higher oil prices had left bitcoin exposed to a downside surprise, according to CoinDesk. Separately, CoinDesk reported that a rate hike now appears all but assured, while noting that an inflation gauge preferred by Fed official Warsh presents a different picture of price trends than the headline CPI figures.
Despite the mixed signals, crypto markets rallied broadly following the report, Decrypt reported.
Sources: CoinDesk, Decrypt, The Block
This article is for information only and is not financial advice.
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