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U.S. CPI Inflation Slowed to 0.1% in May; Bitcoin Rises
The news on consumer prices comes one day ahead of the results of the Fed's latest monetary policy meeting.
Updated Jun 13, 2023, 3:22 p.m. Published Jun 13, 2023, 12:34 p.m.
The U.S. Consumer Price Index (CPI) for May came in softer than expected, rising just 0.1% in May versus 0.4% in April, according to the Bureau of Labor Statistics. Economist forecasts had been for a rise of 0.2%.
On a year-over-year basis, the CPI slowed to 4.0% in May versus 4.9% in April and forecasts for 4.1%.
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The core CPI – which strips out volatile items like food and energy costs – was very much in line with expectations, rising 0.4% in May versus 0.4% in April and forecasts for 0.4%. Core CPI slowed to 5.3% year-over-year versus 5.5% in April and 5.3% expected.
The price of bitcoin (BTC) rose just under 1% to $26,375 in the minutes following the report.
This latest news on inflation comes one day ahead of the results of the U.S. Federal Reserve's monetary policy meeting. Prior to this morning's numbers, market participants had priced in about a 76% chance the Fed will end up pausing what's become an historic string of rate hikes dating back to March 2022. In the few minutes after the news hit, the chance of a pause has risen to 79%.
Checking traditional markets, stock index futures aren't doing a lot, remaining modestly higher for the session after Monday's sizable gains. The 10-year Treasury yield has dipped three basis points to 3.71%, with the two-year yield off six basis points to 4.51%.
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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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