US CPI inflation data meets expectations, Bitcoin hits $64,000 in response

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Quick Take

Data from Trading Economics shows that the much-anticipated US CPI inflation data aligns with market expectations, declining slightly from previous prints. Headline inflation year-over-year came in at 3.4%, precisely as anticipated. Similarly, core inflation year-over-year matched forecasts, registering at 3.6%.

While the monthly figures showed a slight deviation, the overall picture remains consistent with projections. The inflation rate month-over-month was 0.3%, 0.1% lower than expected, while core inflation month-over-month met expectations at 0.3%.

Month-over-month retail sales stagnated at 0%, significantly below the anticipated 0.4%, suggesting a substantial drop. This outcome is likely to quash any prospects of a rate hike in the near term.

In response to the inflation data, which signaled a steady economic environment, Bitcoin reacted positively, hitting $64,000 before retracing slightly.