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Good, but not great CPI
“It's slightly disappointing,” a researcher said about the latest inflation report.
Stacy Elliott
August 14, 2024
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📝 What you need to know
New U.S. Consumer Price Index data very briefly pushed Bitcoin above $61,000 for the first time since the weekend, but BTC and Ethereum have otherwise been lacking upward mobility.
Perhaps markets have remained sluggish because the latest CPI data is good, but not great, according to a Kaiko researcher. “It's slightly disappointing,” Dessislava Aubert told Decrypt. “But it’s not a bad print because it still clears the way for a Fed rate cut in September.”
Traders still appear convinced the Federal Reserve will lower rates in September, but there’s now a slight majority saying it’ll be a smaller rate cut.
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💬 Quote of the Day
The market is discounting a bigger cut from the Fed, but still keeping 25 basis points squarely on the table. With the core inflation print remaining above 3%, the Fed doesn't yet have the signal to start cutting rates, which is ultimately the catalyst Bitcoin is looking for.
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