“The better than expected inflation data cements market anticipation that the Fed is on track for rate cuts at its final two meetings of the year.”, — write: www.coindesk.com
The CPI rose 0.3% month-over-month compared to economist expectations of 0.4% and August’s 0.4% increase. On a year-over-year basis, CPI increased by 3.0%, against forecasts of 3.1% and August’s 2.9%.
Core CPI — which excludes volatile food and energy prices — climbed 0.2% month-over-month versus expectations of 0.3% and August’s 0.3%. Year-over-year core CPI was 3.0%, compared to an expected 3.1% and August’s 3.1%.
Bitcoin BTC$111,505.45 added to earlier gains in the immediate aftermath of the report, now trading at $111,600.
Ahead of the inflation data, traders had already priced in roughly a 100% chance of a 25 basis point rate cut at the Federal Reserve’s policy meeting next week, according to CME FedWatch. Markets also anticipated about a 90% chance of an additional 25 basis point rate cut at the Fed’s final meeting of the year in December.
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- JPMorgan Chase plans to allow institutional clients to use bitcoin and ether as collateral for loans by the end of the year, according to Bloomberg.
- The move is part of a broader trend of major financial institutions integrating digital assets into their services.
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