Inflation News Drives Key US Economic Events Affecting Cryptocurrency Market
Inflation News and Market Reactions
Cryptocurrency markets are poised to respond sharply as inflation news emerges from key US economic events this week. Traders and investors are adjusting their strategies based chiefly on macroeconomic data. With Bitcoin remaining range-bound above the psychological $60,000 level, the critical $64,000 threshold remains a challenge.
Consumer Price Index (CPI) Report
The highlight this week is the upcoming report on the Consumer Price Index (CPI) scheduled for release on Thursday, October 10, by the US Bureau of Labor Statistics (BLS).
- Focus on Interest Rates: The Federal Reserve's interest-rate outlook keeps inflation at the forefront of discussions for both crypto and stock markets.
- Expectations for CPI: Economists predict a 0.1% increase in headline inflation for September, while core CPI is expected to rise by 0.2%.
- Year-on-Year Trends: The year-on-year (YoY) headline CPI rate is projected to drop to 2.3% from 2.5%. The core number, however, is predicted to stabilize at 3.2% YoY.
If the CPI data proves hotter than expected, indications of a possible inflation resurgence could restrict the Federal Reserve's ability to lower policy rates in the future, potentially impacting Bitcoin's growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.