The major cryptocurrency Bitcoin (BTC) is trading in a narrow range after a $123,000 ATH in mid-July.
Economic data from the US has been positive in recent months, but the Fed has failed to make its expected interest rate cuts in June and July, and its hopes for a rate cut in September have also declined.
Many crypto investors were hoping for interest rate cuts in September, but yesterday gave Chairman Jerome Powell the latest comment. The odds of interest rate reductions in September fell to just 43%.
“We are extremely cautious about the risks of inflation,” Powell said at his latest press conference, emphasizing that he will wait and watch until the next FOMC meeting on September 17-18, 2025.
The market is waiting for a September meeting, and while the likelihood of interest rate reductions has declined, data on personal consumption expenditures (PCE) have been released, which is closely followed by the Fed when it comes to determining interest rates and being considered a key inflation indicator.
Therefore, the personal consumption expenditure data for June was as follows:
Core Personal Consumption Expense Price Index (Annual) is 2.8% – Forecast 2.7% – Previous 2.7%
Core Personal Consumption Expense Price Index (Monthly) 0.3% – Forecast 0.3% – Previous 0.2%
Personal Consumption Expense Price Index (Annual) is 2.6% – Expected 2.5% – Previous 2.3%
Personal Consumption Expense Price Index (Monthly) 0.3% – Forecast 0.3% – Previous 0.1%
According to Kobeissi’s letter, PCE inflation has been rising for the second consecutive month. Powell points out higher inflation with this.
Bitcoin (What was the first reaction to BTC?
*This is not investment advice.
