The latest CPI data indicates a bearish outlook, while initial jobless claims for the week present a more bullish picture. With inflation coming in at 2.4%, just above the expected 2.3%, many anticipate the Federal Reserve will move forward with additional interest rate cuts, increasing the likelihood of a 25-point reduction in November.
This development comes at a pivotal time for the Democratic Party, as Vice President Harris works to address voter concerns about rising costs ahead of the upcoming election. This CPI report carries added weight, as itâs the last before voters head to the polls, further amplifying its importance.
Attention now turns to the opening of the US stock market, with experts predicting a potential uptick. The central question for investors and traders is whether the cryptocurrency market will mirror the movements of the US stock market. Historically, crypto has shown some correlation to stock trends, but the volatility of digital assets means there is no guarantee.
Stay tuned as both the stock and crypto markets react to these crucial economic indicators, which could set the tone for market behavior in the coming weeks.
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