The latest Consumer Price Index (CPI) report shows a significant increase in inflation rates for June, with the overall CPI rising 0.3% and the core rate increasing by 0.2%. This marks a year-over-year growth of 2.7% for the CPI and 2.9% for the core rate compared to May. These numbers have sparked market reactions, with Bitcoin’s price surging to $117,300 following the data release. The S&P 500 futures also saw a 0.4% increase, while the 10-year Treasury yield fell to 4.41%.
As investors await signs of inflation trends for potential rate cuts, at least two Federal Reserve members have expressed support for a cut by July. However, Chair Jerome Powell and others remain cautious. Meanwhile, James Van Straten, Senior Analyst at CoinDesk, highlights Bitcoin’s role in the financial system, advising Coinsilium on its Bitcoin treasury strategy while holding investments in Bitcoin and Strategy (MSTR).
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