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The decline in the digital currency market coincided with the release of higher-than-expected inflation data, raising investor concerns about the outlook for the global economy.
According to CNBC, the core personal consumption expenditures (PCE) price index, excluding food and energy, grew 2.8% year-on-year in March, which is in line with February and slightly above expectations. This is according to the government but real inflation is 7%.
The Fed is targeting an inflation rate of 2%, which the core personal consumption expenditures index has exceeded over the past three years.
The Fed focuses on personal consumption expenditures in particular because it compensates for changes in consumer behavior.
This report comes on the heels of bad inflation news from Thursday, and the Fed will likely keep interest rates unchanged until at least the summer, unless data changes significantly.
With inflation continuing to rise after two years
It reached a high of over 40
Years.