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U.S. CPI Meets Estimates, Rising 0.2% in October; Bitcoin Moves Above $89K
The core CPI rate rose 0.3% last month, also in line with forecasts.
Updated Nov 13, 2024, 1:54 p.m. Published Nov 13, 2024, 1:49 p.m.
- October CPI data for the U.S. met economist estimates.
- The price of bitcoin rose above $89,000 following the numbers.
- The chances of another Fed rate cut in mid-December jumped to 69% just after the data.
U.S. inflation data for October exactly matched economist estimates, sending bitcoin back towards the $90,000 level.
The Consumer Price Index (CPI) rose 0.2% in October versus forecasts for 0.2% and a 0.2% rise in September, according to a government report on Wednesday morning.. On a year-over-year basis, the CPI was higher by 2.6%, also matching forecasts even as it rose from 2.4% in September.
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Core CPI – which excludes more volatile food and energy costs – rose 0.3% in October versus estimates for 0.3% and 0.3% in August. Year-over-year core CPI was 3.3% versus an expected 3.3% and 3.3% in September.
The price of bitcoin gained following the numbers to $89,500. It remains higher by nearly 30% over the past week.
The U.S. Federal Reserve has cut the federal funds rate by 75 basis points since beginning an easing cycle in September. Easier monetary policy across nearly all Western central banks combined with the crypto-friendly Donald Trump election victory last week has provided the fuel for bitcon's run to new all-time highs.
According to CME FedWatch — which factors in short-term interest rate movements into odds on what the Fed may do at its next policy meeting — the chances for an additional 25 basis point rate cut in mid-December were just under 60% prior to this morning's data and rose to 69% just after the print.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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