US CPI In Focus After Jobs Data Dampens 50 BPS Fed Rate Cut Hopes
The cryptocurrency market is on edge as it awaits the release of the US Consumer Price Index (CPI) data later this week. This report, critical for assessing inflationary trends, is set to attract the close attention of investors. Market sentiment has already been dampened by the recent disappointing US jobs data.
Additionally, the stronger-than-expected nonfarm payroll figures have diminished expectations for a potential 50 bps rate cut by the US Federal Reserve in their upcoming meeting.
Crypto Market Awaits US CPI Data
The US CPI data, which is scheduled to be released on Thursday, October 10, will be closely watched by the traders. Besides, these data are also evaluated by the US central bank to understand the inflation level in the nation. In other words, it is a crucial metric that helps the US Fed to decide its monetary policy plans.
According to market estimates, the CPI figures are expected to cool down to 0.1% in September, down from 0.2% in the prior month. On a YoY basis, the inflation is anticipated to come in at 2.3%, a decline from 2.5% noted in August.
On the other hand, the Core CPI, which excludes energy and food prices, is expected to show a cooling inflation of 0.2%, down from 0.3% in the previous month. However, the Core CPI, on an annual basis, is estimated to remain unchanged at 3.2%.