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One of the most significant developments this week was the US inflation data, and the Bitcoin price saw sell-offs from the heavy agenda. The data, which will demonstrate whether the Fed continues to succeed in its fight against inflation, was quite critical. So much so that it has the potential to set the tone for the announcements to be made tomorrow.
US Inflation Data
The inflation data arrived one hour before the opening of the US stock markets. Once touching double digits, the steadily declining inflation has also increased the appetite in risk markets. Especially, the positive downturn in previous data has created the expectation that more interest rate cuts could be made next year.
Now, after the strong employment data that came on Friday, the current state of inflation has become much more important. Moreover, excitement is still at its peak because, together with the Fed interest rate decision tomorrow, the members’ 3-year interest expectations will also be announced with a dot plot.
The expectations and announced data on the inflation front were as follows;
- Announced Annual Inflation: 3.1% (Expectation: 3.1% Previous: 3.2%)
- Announced Annual Core Inflation: 4% (Expectation: 4% Previous: 4%)
The data came in favor of cryptocurrencies, and the Bitcoin price, at the time of writing, is about to surpass $42,000.
