After the release of the PPI and US jobs report at the end of September and the beginning of October, all eyes turned to the next key factor that will determine the Fed’s next move, the Consumer Price Index.
The US Bureau of Labor Statistics just released the data, showing that the actual year-over-year increase of 3.7% is slightly higher than the estimated 3.6%, while the month-over-month rise matched expectations at 0.6%.
Core CPI, which excludes more volatile sectors such as energy and food, rose 2.6% YoY and 0.3% MoM. Estimates were again slightly lower at 2.5% and 0.2%, respectively.
Bitcoin reacted with an immediate nosedive that pushed it south by a grand. The asset stood at around $83,800 before it dropped to $82,800 in the initial minutes after the CPI data went live.
