Bitcoin Rises Past $85,000 After Inflation Data Comes in Below Expectations
Bitcoin rose past $85,000 after August inflation data came in below expectations, reducing the chance of a Fed rate hike.
Bitcoin rose past $85,000 after August inflation data came in below expectations, reducing the chance of a Fed rate hike.
The Atlanta Fed's GDPNow model cut its Q3 US growth estimate to 3.7% from 5.0%, citing a wider August goods trade deficit and softer consumer spending.
US core PCE inflation slowed to 3.0% year-over-year in July, below the 3.3% expected, easing pressure on the Fed.
Solana consolidates around $120 as traders watch Alpenglow upgrade and US-Iran negotiations for next moves.
Bitcoin is consolidating near $82,500 amid easing escalation worries from US-Iran talks, while Fed's Williams tempers October hike odds.
Today's PCE data will test stocks, crypto, and Trump's political standing as voters focus on prices ahead of midterms.
Central bank speeches move markets by altering expectations, as Williams' remarks cut October hike odds to 50%.
The dollar heads for its best month since June on hawkish Fed signals, while bitcoin has risen 6.14% in September.
USD/JPY declined to around 156.4 on Wednesday, driven by yen repatriation flows and Fed comments, with other yen crosses also lower.
JPMorgan CEO Jamie Dimon argues the dollar's reserve currency role relies on a strong US economy and urges Washington to complete trade deals with allies.
Fed's Williams sees no urgency for an October rate hike, lowering market odds to below 50% from 70% last week.
Federal Reserve officials turned hawkish on Tuesday, but Williams said there is no urgency for another hike after September's increase.
Chicago Fed President Goolsbee warns the Fed's 5.5 years above inflation target is risky, calling for a supply-shock policy rethink.
New York Fed's John Williams said one more hike is likely this year and sees 'no need for urgency' after September.
St. Louis Fed's Musalem argues for clear framework, warns against 'hall of mirrors' forecasts.