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MARKETS DAILY: Crypto Update | What Cooling Inflation Means for the Crypto Market
Jul 11, 2024
Ben Emons, Founder and CIO of FedWatch Advisors, discusses the crypto market's response to cooling inflation in the latest CPI report. Topics include Fed's rate adjustments, market trends, importance of economic data vs. forward-looking indicators, and Federal Reserve's focus on managing inflation.
10:06
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Quick takeaways
- Federal Reserve may cut rates as inflation cools, impacting crypto markets positively.
- Importance of concrete data like CPI and jobless claims for assessing the economy's state.
Deep dives
Fresh CPI Shows Inflation Decline to 3%
The recent CPI reading at 8:30 am Eastern Time revealed a decrease in inflation to 3%, positively affecting the market. Bitcoin also saw a 2.22% increase in the past 24 hours, trading at $59,000. Fed Chair Powell indicated that the Fed won't wait for inflation to reach 2% before cutting rates, hinting at potential rate cuts. The core components of the CPI, particularly in rentals, displayed lower figures, aligning with the Fed's aims.
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