MARKET MOVING NEWS! (16/08/24)

 July’s CPI Data Shows Inflation Slowing To 2.9%, The Lowest In Over Three Years 

The U.S. Bureau of Labor Statistics’ latest report shows that the Consumer Price Index increased 0.2% on a seasonally adjusted basis, after declining 0.1% in June.

The report noted that the index increased 2.9% over the last 12 months through July. This is slightly below the 3% rise economists predicted. Higher housing costs reportedly accounted for most of the rise. When excluding food and energy, the core CPI increased by 0.2% monthly and 3.2% annually, which met expectations.

The report also noted that this annual rate is the lowest since March 2021 and the core rate is the lowest since April 2021. The price of BTC fell slightly after the CPI report since many believe the core inflation print above 3% does not provide a clear signal to the Fed to start cutting rates.

An interest rate cut would make it cheaper to borrow money, increasing spending towards risk-on assets such as BTC.

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