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U.S. September CPI Rises 0.4%, Outpacing Forecasts; Bitcoin Slips Further
The year-over-year pace of inflation was 3.7%, also faster than economist expectations.
Updated Oct 12, 2023, 12:48 p.m. Published Oct 12, 2023, 12:39 p.m.
The Consumer Price Index (CPI) for September rose 0.4% versus economist estimates of 0.3% and the previous month's 0.6%. On a year-over-year basis in September, the CPI rose 3.7% versus forecasts of 3.6% and August's 3.7%
The core CPI – which strips out food and energy costs and which has been more stubborn in coming down than the headline rate – rose 0.3% in September against estimates of 0.3% and 0.3% the previous month. Year-over-year core CPI was 4.1% versus 4.1% forecast and 4.3% in August.
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The price of bitcoin [BTC] added to early losses following the news, now down 1.2% to $26,770.
Released yesterday afternoon, the minutes of the most recent meeting of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) suggested policymakers were mostly in agreement that they would likely need to hike rates one more time before ending the monetary tightening cycle.
Currently, rate traders are expecting just about a 10% chance that rate hike could come at the Fed's November meeting, but the odds go up to 30% by year-end, according to the CME's FedWatch.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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