The US Consumer Price Index (CPI) for September rose 3.7% annually, coming in slightly hotter than consensus forecasts of 3.6%. So-called core CPI, excluding volatile food and energy categories, declined annually from 4.3% in August to 4.1% last month.
Headline inflation rose 0.4% month-on-month in September, lower than August’s increase of 0.6%, while core month-on-month prices increased 0.3%. The uptick in core inflation, coupled with last month’s slightly hotter-than-expected Producer Price Index (PPI), could nudge the Federal Reserve (Fed) toward one more rate increase at its next meeting.
CPI Good for Dollar, Bad for Bitcoin
The mild decline in headline CPI numbers caused yields on 10-year treasuries to climb five basis points to around 4.6%. The US dollar index, which notched mild losses after yesterday’s PPI numbers, responded positively to the consumer price numbers, spiking to 106.1.
Bitcoin (BTC) dropped from $26,836 to $26,767, while Ethereum (ETH) has recovered to $1,551 after a brief dip to $1546 following the CPI announcement. At press time, the S&P 500 hovered around 4370 aft
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Author: David Thomas
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