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BREAKING: The Fed’s PCE Data Used to Measure Inflation Has Been Released! Here’s <a href="https://xpertsstudio.com/arthur-hayes-says-he-is-betting-on-<a href="https://xpertsstudio.com/will-the-bitcoin-bull-market-make-a-lasting-comeback/” title=”Will the Bitcoin bull market make a lasting comeback?”>bitcoin-over-gold-10-to/” title=”Arthur Hayes Says He Is Betting On Bitcoin Over Gold 10-To”>Bitcoin’s (BTC) Initial Reaction!
Leading cryptocurrency Bitcoin is maintaining its strong performance ahead of the release of US personal consumption expenditure (PCE) inflation data today.
As is known, Bitcoin rose from approximately $62,000 to over $80,000 in a very short period. Yesterday, $BTC even surpassed $81,000, reaching its highest level in the last three months.
Although it subsequently retreated somewhat, the market’s focus is now on the PCE data, one of the inflation indicators most closely watched by the Fed, and expectations regarding the Fed’s monetary policy.
A PCE report below expectations could reinforce the perception that inflationary pressures are easing, supporting expectations that the Fed may pursue a more relaxed monetary policy. Conversely, a PCE report above expectations could weaken expectations of interest rate cuts, creating short-term selling pressure on Bitcoin.
Therefore, US PCE data is critically important for both interest rates and $BTC, and the July data on Personal Consumption Expenditures (PCE), considered a leading indicator of inflation, has been released.
Accordingly, the personal consumption expenditure data for July were as follows:
Core Personal Consumption Expenditures Price Index (Annual) Announced 3.3% – Expected 3.3% – Previous 3.3%
Core Personal Consumption Expenditures Price Index (Monthly) Announced 0.2% – Expected 0.2% – Previous 0.1%
Personal Consumption Expenditures Price Index (Annual) Announced 3.7% – Expected 3.6% – Previous 3.7%
Personal Consumption Expenditures Price Index (Monthly) Announced 0.2% – Expectation 0.1% – Previous -0.1%
*This is not investment advice.
Source: cryptonews.net