Breaking: US Inflation Data Comes In At 2.3%, What Next For Bitcoin?
The US personal consumption expenditures (PCE) price index data has come out in line with expectations. This US inflation data is significant, considering the impact that it could have on the Bitcoin price and the broader crypto market.
US Inflation Comes In At 2.3%
The US Bureau of Economic Analysis released the PCE data for October, which showed that inflation rose by 2.3% year over year (YoY), which is in line with expectations. Meanwhile, inflation increased by 0.2%, similar to the September data, which is also in line with expectations.
Meanwhile, the Core PCE data, which excludes food and energy, showed that inflation increased by 2.8% YoY, which is in line with estimates and up from the 2.7% recorded in September. Month over month, the Core PCE rose 0.3%, which is in line with estimates and similar to what was recorded in September.
As Coingape reported, this data is one of the macro activities that is in the focus this week, considering its impact on the crypto market. It is worth mentioning that the US Federal Reserve also released its FOMC minutes yesterday. They noted that they would only further cut rates if they were confident that inflation was coming down to their 2% target.
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