US August CPI Numbers Slightly Exceed Expectations
The August Consumer Price Index (CPI) numbers in the United States were eagerly awaited by financial markets. While most expectations pointed to a year-over-year (YoY) increase of 3.6%, the actual numbers came in just slightly higher at 3.7%. The core CPI, which excludes more volatile sectors like food and energy, saw a yearly increase of 4.3%, lower than the previous month’s 4.7%.
CPI Predictions from Financial Experts
Leading US financial institutions such as Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and others predicted a YoY increase of 3.6% for the CPI. However, only Barclays, Citigroup, and UBS correctly anticipated the slight jump to 3.7%. These numbers are closely watched as they provide insights into the future actions of the US Federal Reserve in combating inflation.
Impact on Bitcoin’s Price
In the past, CPI data had a significant impact on Bitcoin’s price as it provided indications of the Federal Reserve’s response to inflation. However, this trend has not been observed recently. Despite the CPI numbers coming in slightly higher than expected, Bitcoin continues to trade around $26,000 without much movement.
Hot Take: CPI Data Fails to Influence Bitcoin
The latest CPI data release shows that Bitcoin’s price is no longer strongly influenced by these figures. Despite exceeding expectations, BTC remains stagnant around $26,000. This suggests that other factors are currently driving Bitcoin’s market dynamics.
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