As a researcher with extensive experience in financial markets and economics, I find the recent US Consumer Price Index (CPI) figures for May intriguing due to their impact on various sectors, including cryptocurrencies. The slight decrease in inflation from 3.4% in April to 3.3% in May might seem insignificant at first glance. However, it holds substantial weight in the financial world as it influences monetary policy decisions by central banks like the US Federal Reserve (Fed).
As an analyst, I would interpret the US Consumer Price Index for May as revealing a modest decline in inflation rates. Specifically, the index registered a 3.3% increase compared to the previous month’s figure of 3.4%.
The upcoming decision of the US Federal Reserve on monetary policy could be significantly impacted by recently released Consumer Price Index (CPI) figures. As the Fed convenes later today, market observers will closely watch to see if they will lower interest rates, following the European Central Bank’s lead.
❖ U.S CPI (MOM) (MAY) ACTUAL: 0.0% VS 0.3% PREVIOUS; EST 0.1%
❖ U.S CPI (YOY) (MAY) ACTUAL: 3.3% VS 3.4% PREVIOUS; EST 3.4%
❖ U.S CORE CPI (MOM) (MAY) ACTUAL: 0.2% VS 0.3% PREVIOUS; EST 0.3%
❖ U.S CORE CPI (YOY) (MAY) ACTUAL: 3.4% VS 3.6% PREVIOUS; EST 3.5%
— *Walter Bloomberg (@DeItaone) June 12, 2024
The unexpectedly low US Consumer Price Index figures triggered volatile price movements in the crypto market, including bitcoin.
I previously mentioned that the value of the leading cryptocurrency dipped to $66,000 due to investors withdrawing approximately $200 million from related ETFs in anticipation of the CPI announcement and the ensuing FOMC meeting.
As a crypto investor, I’ve seen BTC bounce back from its previous dip to reach a new milestone of around $67,500 just moments after the release of the latest Consumer Price Index (CPI) data. Amazingly, it didn’t stop there, and within minutes, the price surged past $1,500 to hit the current mark hovering above $69,000.
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2024-06-12 15:38