đșU.S. CPI Was Flat in May, Beating Expectations; Bitcoin Rises to $69.2K:
đ„Softer inflation data could prove a boon to recently under pressure digital asset prices.
đ„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.
đ„On a year-over-year basis, CPI was up 3.3%, compared to analyst forecasts and the previous month's reading at 3.4%.
đ„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%.
đ„Bitcoin (BTC) welcomed the soft inflation read, jumping to $69,400, up nearly 4% over the past 24 hours.
đ„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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