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For cryptocurrency investors, the week’s most important data was just released. This data causes significant volatility. Following the recent GDP data, the importance of this data, which sheds light on the inflation outlook, has increased. The PCE data is used by the Fed to understand the current situation in the fight against inflation.
PCE Data Released
The United States Personal Consumption Expenditures data shows the Fed’s progress in combating inflation. PCE was announced in line with the 2.7% expectation. Since the data and expectations from the previous month were consistent with the announced data, the outlook is not bad. Core PCE came in at 2.8%, which was also within expectations. The key event was the strengthening market expectation of a Fed rate cut following the announced data.
Now, with the relief of having left behind the week’s most critical data, we can relax for the weekend for BTC. BTC, which approached the $69,000 threshold, started to price the data positively. The rise is likely to accelerate according to the ETF volumes that will start soon. Fed member Williams will probably say something about this today. We will share these statements here as breaking news.
