AI-Summary – News For Tomorrow
Following new economic data, Bitcoin experienced a slight dip from $114,300 to $113,700. The reports revealed a challenging situation for the Federal Reserve, with a weakening employment picture and persistent inflation. Prior to the data, market expectations heavily favored a 25 basis point rate cut at the upcoming Fed meeting, with a smaller chance of a 50 basis point cut. However, the latest inflation figures have likely diminished the possibility of a more aggressive 50 basis point cut, which had gained some traction after recent weak jobs and PPI reports.
News summary provided by Gemini AI.
Bitcoin slipped about 0.5% from $114,300 to $113,700 in the immediate aftermath of the data.
The two reports point to the difficult situation the U.S. central bank finds itself in, with the employment picture worsening, but the inflation rate refusing to turn lower.
Prior to the CPI data, markets were pricing in a 92% chance of a 25 basis point cut at the upcoming Fed meeting and an 8% chance of a 50 basis point cut, according to CME FedWatch. The inflation number likely puts to rest any idea of a 50 basis point move, which had gained steam following last Friday’s soft jobs report and Wednesday’s weak PPI numbers.
