📺U.S. CPI Was Flat in May, Beating Expectations; Bitcoin Rises to $69.2K:
🔥Softer inflation data could prove a boon to recently under pressure digital asset prices.
🔥The U.S. Consumer Price Index (CPI) was flat in May, beating economist forecasts for a 0.1% rise and down from 0.3% in April.
🔥On a year-over-year basis, CPI was up 3.3%, compared to analyst forecasts and the previous month's reading at 3.4%.
🔥The core CPI, which excludes food and energy costs, rose 0.2% in May, better than forecasts for a 0.3% rise and versus 0.3% in April.. Year-over-year, core CPI rose 3.4% against expectations for 3.5% and April's 3.6%.
🔥Bitcoin (BTC) welcomed the soft inflation read, jumping to $69,400, up nearly 4% over the past 24 hours.
🔥After inflation readings rapidly fell in 2022 and 2023 as the Federal Reserve jacked up interest rates, the trend stalled in the previous months at stubbornly higher levels than policymakers' 2% target, pouring cold water on market participants' expectations of rate cuts.
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