The US Consumer Price Index (CPI) rises 3.4% annually
The US Consumer Price Index (CPI) increased by 3.4% on a yearly basis in December. The Core CPI, which excludes food and energy costs, exceeded expectations by 0.1% and saw a year-on-year increase of 3.9%.
Market reactions to the news
Following the release of the news, there was a sharp drop in S&P 500 futures. Yields on the ten-year Treasury remained unchanged, while the US dollar index erased an earlier decline. Bitcoin also experienced a drop from $47,331 to $46,987, and Ethereum dipped from $2,654 to $2,629.
This is a developing story.
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Hot Take: Rising CPI and Its Impact on Markets
The recent rise in the US Consumer Price Index (CPI) has stirred market reactions and raised concerns among investors. With an annual increase of 3.4%, inflationary pressures are becoming more evident. The Core CPI figures also surpassed expectations, indicating a broader impact on various sectors of the economy. This news has led to drops in stock futures and cryptocurrencies like Bitcoin and Ethereum.
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