🚨 News Update: US PPI data came in lower than expected, meaning tomorrow's CPI is likely to be lower than expected as well.
🔸US producer prices rose less than expected in July, suggesting inflationary pressures continued to ease.
🔹Data released Tuesday showed the PPI, a proxy for final demand, rose 0.1% month-on-month. The median forecast in a survey of economists from the agency was for a 0.2% increase.
🔸In addition, the PPI rose 2.2% year-on-year. Excluding the volatile food and energy categories, the July PPI was unchanged from the previous month,
🔹The lowest level in four months. More closely watched CPI data will be released on Wednesday, with the index expected to rise slightly. Amid easing inflationary pressures, weak July jobs data has economists expecting the Federal Reserve to implement a series of interest rate cuts starting next month.
A September rate cut is likely. There are too many factors at play.
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