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Bitcoin and altcoins experienced sharp declines following FED Chairman Jerome Powell's hawkish statements.
While BTC fell below $93,000 in this process, data on Personal Consumption Expenditures (PCE), which the FED closely follows when making interest rate decisions and is considered a leading inflation indicator, was announced today.
Accordingly, personal consumption expenditures data for November were as follows:
Core Personal Consumption Expenditure Price Index (YoY) Announced 2.8% – Expected 2.9% – Previous 2.8%
Core Personal Consumption Expenditure Price Index (Monthly) Announced 0.1%– Expected 0.2% – Previous 0.3%
Personal Consumption Expenditure Price Index (Annual) Announced 2.4% – Expected 2.5% – Previous 2.3%
Personal Consumption Expenditure Price Index (Monthly) Announced 0.1% – Expected 0.2% – Previous 0.2%
Bitcoin is on the rise!
After the PCE data came in below expectations, Bitcoin started to rise and the price rose above the $95,000 level.
The PCE index is considered by the Fed to be the most accurate measure of inflation.
Following the PCE data, the probability that the FED will leave interest rates unchanged in January 2025 is priced in at 89.3 percent, while a 25 basis point cut is priced in at 10.7 percent.
Bitcoin continues to trade at $95,452 at the time of writing.
*This is not investment advice.