US PCE Index Shows No Change in October
The US PCE Price Index, an important indicator of inflation, remained unchanged in October compared to the previous month’s increase of 0.4%, according to the U.S. Bureau of Economic Analysis.
Core PCE Price Index Rises 0.2% in October
The Core PCE Price Index, a key metric for the Federal Reserve’s decision-making, increased by 0.2% in October, slightly lower than the 0.3% rise in the prior month. On an annual basis, it grew by 3.5% compared to the previous month’s surge of 3.7%.
Headline PCE Price Index Remains Unchanged
The headline PCE Price Index showed no change on a month-over-month basis in October, with an annual increase of 3.0% compared to September’s 3.4% rise.
Wall Street Economists Predicted Modest Increase
Economists on Wall Street had predicted a modest 0.1% increase in the personal consumption expenditures price index, attributing it to declines in energy prices. This was expected to bring down the annual PCE inflation rate to 3.1% from September’s 3.4%.
US GDP Growth Revised Upward
The United States’ real Gross Domestic Product (GDP) experienced significant growth at an annualized rate of 5.2% in the third quarter, marking an upward revision from the initial reading of 4.9%, according to the BEA.
Crypto Market Reacts to PCE Inflation Data
Following the release of the PCE inflation data, the global crypto market cap dropped 0.85% over the last 24 hours to $1.42 trillion. Trading volume also fell 18% to $45.7 billion.
Bitcoin and Ethereum Prices Dip
The price of Bitcoin fell 0.83% to $37,874.91, while Ethereum’s price plunged 0.95% to $2,039.77. However, both cryptocurrencies have seen positive gains in November.
Positive Shift in Crypto Market Sentiment
Despite the dip in major cryptocurrencies, the market experienced a sudden surge in bullish sentiment following the release of the PCE inflation data.
Hot Take: Crypto Market Reacts to US PCE Inflation Data
The release of the US PCE inflation data had a significant impact on the crypto market, with prices and trading volume experiencing fluctuations. While there was a temporary dip in major cryptocurrencies, there was a swift turnaround and a surge in bullish sentiment after the data release. Investors are closely monitoring macroeconomic factors and economic indicators like the PCE Price Index to make informed decisions in the crypto market.
By
By
By
By
By