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Inflation in the United States slowed and increased at an annual rate of 6.4% in January, according to data issued by the Bureau of Labor Statistics.
- Што: Inflation in the United States slowed and rose at an annual rate of 6.4% in January.
- Зошто: According to the Bureau of Labor Statistics data, lower prices for used cars contributed to the drop in the inflation rate.
- Што е следно: With stock prices expected to retrace, Bitcoin and the cryptocurrency industry might follow suit.
Since reaching a peak of 9.1% in June, the highest level since 1981, annual inflation has declined for the sixth consecutive month. In November, Inflation decreased to 7.1%, which was less than anticipated. In December, it fell even more, to 6.5%. According to the Bureau of Labor Statistics data, the record continued in January to 6.4%.
However, the reported figure is higher than anticipated. JPMorgan Chase & Co. economists predicted that the economy would drop to 6.2% in January from 6.5% the previous month. Therefore, with inflation at 6.4% in January, stock prices might be expected to retrace. In perspective, it is reasonable to anticipate that Bitcoin and the rest of the cryptocurrency industry will do the same. The CPI data brought some relief to investors, although it had little to no effect on the market. Bitcoin, for example, slumped below $22,000.
CPI report not really the “disinflationary” biggie that we had hoped for, but seems as if the market reaction is slightly dovish as the trend continues to be lower
1 / n
— AndreasStenoLarsen (@AndreasSteno) Февруари 14, 2023
According to CEO of Steno Research Andreas Steno Larsen CPI report indicates a dovish market trend, with the continuing decline in core services such as shelter. Larsen believes that the report’s impact on the market is small, with a slight dovish trend and no major change in market expectations. Is it time to short the market?
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Source: https://insidebitcoins.com/news/u-s-inflation-falls-to-6-4-higher-than-expected-what-does-this-mean