Bitcoin (BTC) targeted $37,000 at the Nov. 14 Wall Street open as the latest United States inflation data undercut expectations.

CPI offers Bitcoin, stocks a pleasant surprise

Data from Cointelegraph Markets Pro and TradingView showed BTC price strength returning as the Consumer Price Index (CPI) reflected slowing inflation in October.

CPI came in 0.1% below market forecasts both year-on-year and month-on-month. The annual change was 3.2% versus 4.0% for core CPI.

“The all items index rose 3.2 percent for the 12 months ending October, a smaller increase than the 3.7-percent increase for the 12 months ending September,” an official press release from the U.S. Bureau of Labor Statistics confirmed.

“The all items less food and energy index rose 4.0 percent over the last 12 months, its smallest 12-month change since the period ending in September 2021.”

Compared with October, where CPI was just one inflation metric, which overshot versus market consensus, the situation was palpably different. Stocks immediately offered a warm reaction at the Wall Street open, with the S&P 500 up 1.5% on the day.

“This is the 31st consecutive month with inflation above 3%. But, inflation seems to be back on the DECLINE,” financial commentary resource The Kobeissi Letter wrote in part of a reaction.

Kobeissi

Go to Source to See Full Article
Author: William Suberg

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details