US Inflation Data Causes Drop in Bitcoin and Equities Ahead of Retail Sales
US inflation data leads to a drop in Bitcoin and equities. Find out how to protect yourself from inflation with cryptocurrency.
Posted 10 months ago in Bitcoin
The US Consumer Price Index (CPI) rose 0.6% month-on-month in August and 3.7% year-on-year, causing a brief decline in equities, with the S&P 500 falling one-quarter of a basis point. Bitcoin (BTC) was down from $26,178 to $26,125, while Ethereum (ETH) fell slightly from $1,601 to $1,596.
So-called core inflation rose three-tenths of a percent in the last month and 3.7% year-on-year. The cost of shelter increased 0.3%, while the prices of used cars and trucks fell 0.1%.
The US Federal Reserve uses CPI, the Personal Consumption Expenditure Index, and US labor data to inform its rate policy decisions. The central bank will meet next week to decide whether to increase rates to bring annual headline inflation back to 2%.
Shortly after the CPI print, markets returned to pre-trading levels as investors await the next retail sales numbers due on Thursday.
Last updated 9/13/2023, 8:59:34 PM
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