Bitcoin Price Reacts to Higher-Than-Expected US CPI Numbers for September
The United States Consumer Price Index measured an increasing inflation rate of 2.4% in September compared to the same month last year.
However, this number was slightly higher than anticipated, which could trigger more changes in the US Fed’s monetary policy.
The general expectations estimated a 0.1% increase of the CPI for September compared to August, while the actual number came out at 0.2%.
On a yearly basis, the CPI was higher than the expected numbers as well – 2.4% vs 2.3%. Core CPI, which excludes volatile sectors like food and energy, jumped 0.3% last month, while the forecasts showed a 0.2% increase.
According to experts, this could turn the Federal Reserve’s policy upside down just weeks after the central bank lowered the interest rates for the first time in over four years.
The Fed might revert to its previous strategy and pause the interest rate cuts, even though Chair Powell recently outlined two more possible slashes before the year’s end.
Perhaps that’s why BTC’s price reacted with an immediate minor decline. The asset had just increased to $61,250, but the CPI data pushed it south once more by $500. Nevertheless, it has recovered some ground and now stands close to $61,000.
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