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Inflation slows down 🐢
Bitcoin and Ethereum popped on a favorable CPI report. Interest rate go down now?
Stacy Elliott
June 12, 2024
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📝 What you need to know
The new U.S. Consumer Price Index showed for a second month in a row that inflation has slowed down. Investors seem to now have renewed hopes that the Federal Reserve will finally drop rates in September, with 61% saying the U.S. target interest rate will drop to 500-525 basis points.
The more likely it seems interest rates will be lowered this year, the more buoyant Bitcoin and Ethereum become. Hours after the CPI report dropped, BTC and ETH are both trading 4% higher than they were yesterday.
Next up: Listening for clues from Fed Chair Jerome Powell to keep hope alive that rates will indeed get lowered in 2024.
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