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In recent weeks, many Fed officials have emphasized that critical indicators, including inflation and unemployment data, will play a crucial role in the Fed’s next interest rate decision. Fed Chairman Jerome Powell, in a press conference following the previous interest rate meeting, stated that inflation was trending downward but still well above the 2% target.
Bloomberg analyst Mike McGlone, in an assessment of the current situation in the markets earlier this week, suggested that the Fed could continue with interest rate hikes. McGlone also suggested that if Fed interest rate hikes continue, it could lead to a further decline in the cryptocurrency market.
While the debate continues on whether the Fed will continue with interest rate hikes, the US Consumer Price Index and Core Consumer Price Index were also announced yesterday. Consumer inflation in the US came in above expectations.
US Producer Inflation Data Released
Expectations of the Fed continuing with interest rate hikes have strengthened following the higher-than-expected consumer inflation. As the markets turn their attention to the US producer inflation data for the next interest rate decision of the Fed, the US Producer Price Index (PPI) and Core Producer Price Index (Core PPI) have just been announced. The annual and monthly Core PPI figures were in line with expectations, while the annual and monthly PPI figures came in above expectations.
- Core Producer Price Index (Core PPI) (Annual) Reported: 2.2% (Expectation: 2.2% Previous: 2.4%)
- Core PPI (Monthly) Reported: 0.2% (Expectation: 0.2% Previous: 0.3%)
- Producer Price Index (PPI) (Annual) Reported: 1.6% (Expectation: 1.2% Previous: 0.8%)
- PPI (Monthly) Reported: 0.7% (Expectation: 0.4% Previous: 0.3%)
