Bitcoin – Determining the Fed’s Inflation Rate
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- Inflation rate was 2.1% in September, close to the Fed’s 2% target. Bitcoin price fell to $69,263.81 after a recent rally. Recent data shows that the Federal Reserve’s inflation rate was 2.1% in September, which aligns with expectations as it approaches the central bank’s target.
Fed Inflation Rate Analysis
The October 31 report from the Commerce Department indicated inflation was slightly higher.
The personal consumption expenditures (PCE) index saw a monthly increase of 0.2%.
The Dow Jones forecasted a steady progress with a projected annual inflation rate of 2.1%, reflecting ongoing economic analyses as policymakers closely monitor additional metrics to navigate their decision-making process.
The Fed maintains an inflation target of 2 percent per year; however, since February 2021, this objective has not been achieved, with core inflation at a concerning level of 2.7%, marking an increase of 0.3% from previous months.
Latest Developments According to Wu Blockchain
The US core PCE price index for September recorded a MoM change of 0.3%, consistent with forecasts while the prior month’s reading saw upward revision from an initial estimate of 0.1% MoM to now at zero-point-two percent.
h3 >Impact on Cryptocurrency Markets: h3 >
p > The release of important inflation numbers has led to profit-taking activities within cryptocurrency sectors after Bitcoin [BTC] rallied up reaching its peak since March at $73k However momentum couldn’t hold causing prices at press time droping back down towards $69263 leading overall decline observed over last day Reflecting further weakness evident throughout entire market sector highlighted according CoinMarketCap showing total capitalization dropping down to roughly two point thirty-three billion dollars representing about one point seventy-five percent decrease over past twenty-four hours
As anticipated experts predict BTC price eventually falling below threshold level found around $20k by end previous year largely due prevailing speculation surrounding Federal Reserve monetary tightening policies
Looking into future trends Bitcoin displayed relatively strong performance gaining approximately one percentage unit following FOMC meetings observed gains achieving three-percentage unit growth during recorded week spanning subsequent events increasing discussions related possible upcoming interest rate cuts occurring ahead next scheduled meetings
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