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- Bitcoin’s price successfully increased to $26,300.
- The CPI data will influence the Federal Reserve’s future interest rate decisions.
According to the latest Consumer Price Index (CPI) data released today by the U.S. Bureau of Labour Statistics, U.S. inflation reached 3.7% year-over-year in August, surpassing the anticipated figure of 3.6%. The latest data indicates that inflation has risen for two consecutive months. The CPI recorded a 3.2% increase in July, up from 3% in June, representing the slowest growth rate since March 2021.
Following a 0.2% increase in July, inflation rose by 0.6% in August on a seasonally adjusted basis. Investors were closely monitoring the release of the CPI data due to its potential implications for the Federal Reserve’s interest rate decisions moving forward.
All Eyes on Federal Reserve
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It is important to note that the Federal Reserve of the United States raised interest rates by 25 basis points last month. Despite this, investors remained cautious, even as many analysts anticipated a shift towards a less aggressive stance from the Fed.
Wall Street analysts had projected the CPI to be at 3.6%. While Barclays and Citi forecasted a 3.7% increase in the CPI for the previous month, Visa and CIBC expected a 3.5% rise.
The CME FedWatch Tool indicated a 91% probability of a pause in rate hikes by the Federal Reserve at the upcoming FOMC meeting on September 20. Following the announcement, the crypto market experienced a positive shift. Bitcoin’s price rose to $26,300, and Ethereum climbed to $1615, according to data from CMC.
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