US inflation figures for April are eagerly awaited by Bitcoin (BTC) and altcoin investors. With the US inflation figures, which are closely related to the cryptocurrency market along with the global markets, expectations for the course of the economy will be clear and investors will act accordingly.
Investors Await US April Inflation Figures
The countdown for US inflation figures has begun. Investors waiting for the US inflation figures for April are on hold to act according to the figures to be announced.
On Wednesday, May 10 (today) at 15.30, the critically important inflation figures to be announced at 15.30, the expectations for the figures are as follows:
- April – Core Consumer Price Index (CPI) (Monthly): Expectation 0.4 percent (previous 0.4 percent)
- April – Core Consumer Price Index (CPI) (Annual): Expectation 5.5 percent (previous 5.6 percent)
- April – Consumer Price Index (CPI) (Annual): Expectation 5.0 percent (previous 5.0 percent)
- April – Consumer Price Index (CPI) (Monthly): Expectation 0.4 percent (previous 0.1 percent)
Chances of a 25 Basis Point Rate Hike by the Fed in June Rise Rapidly
While Fed officials gave verbal guidance ahead of the inflation figures to be released in the US today, macroeconomic data releases started to complicate the pricing of monetary policy again. Chicago Fed President Austan Goolsbee said that the Fed should be data dependent and monitor credit conditions, noting that it has received signs of credit tightening.
Goolsbee said it was too early to assess the interest rate decision at the June meeting, adding that producer prices had entered a deflationary environment.
Data released by the Fed’s New York branch showed that US consumers’ short-term inflation expectations fell to 4.4 percent in April, while medium-term inflation expectations rose to 2.9 percent and long-term inflation expectations rose to 2.6 percent. While the said data flow supported the selling pressure in bond markets, the probability that the Fed will raise interest rates by 25 basis points at next month’s meeting, which is closely followed in pricing in money markets and was 15.5 percent a day ago, rose to 19 percent.
Hours before the announcement of critical inflation figures, the largest cryptocurrency Bitcoin is trading at $ 27,7680, up 0.27 percent in the last 24 hours, and the largest altcoin Ethereum (ETH) is trading at $ 845, up 0.19 percent in the same time period.
