Inflation figures met forecasts, while Bitcoin remained steady near $64,000 and Treasury yields fell.
By James Van Straten, Krisztian Sandor, Omkar Godbole|Edited by Jamie Crawley15 min ago1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (joshua-hoehne/Unsplash)SummaryShow- Headline CPI rose by 0.1% month-on-month and 3.4% year-on-year in July.
- Core CPI increased by 0.2% monthly and 2.5% annually, aligning with predictions.
- Bitcoin remained steady around $64,000 following the inflation report.
In July, the U.S. inflation figures aligned with expectations, which has left the outlook for a potential rate hike by the Federal Reserve largely unchanged.
The Consumer Price Index (CPI) saw a 0.1% rise in July compared to the previous month, matching the economists' prediction for a similar increase following a 0.4% drop in June.
On a year-on-year basis, the CPI rose by 3.4%, consistent with forecasts and slightly lower than June's 3.5% figure.
Excluding food and energy, the core CPI increased by 0.2% month-on-month in July, in line with analysts' expectations and unchanged from June. Year-on-year, core CPI rose 2.5%, also as anticipated, down from June's 2.6%.
Following the report, Bitcoin BTC$64,063.04 experienced a slight drop from $64,400 to $64,080 but then stabilized, remaining mostly unchanged over the past 24 hours. Nasdaq 100 futures were up by 0.7%.
Treasury yields continued to be under pressure, reflecting a weaker trend prior to the CPI release. The two-year yield was at 4.19%, down 3.6 basis points, while the ten-year yield was at 4.66%, falling three basis points.
The July CPI report gained additional significance following a disappointing U.S. employment report that indicated the economy had unexpectedly lost 23,000 jobs in July.
Market analysts are now estimating a 44% chance of the Federal Reserve implementing an interest rate hike at the upcoming September meeting, a decrease from the 48% likelihood prior to the inflation data release, according to the CME FedWatch Tool. Just a week ago, traders had assigned a 54% probability to a rate hike in September.
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