The major cryptocurrency Bitcoin (BTC) is trading within certain ranges after breaking new records by over $124,000 in mid-August.
The Fed was expected to cut Bitcoin’s rising interest rates, but it did not cut the expected rates in June and July.
At this point, requests for interest rate reductions have been postponed until September.
Federal Reserve Chairman Jerome Powell recently presented a moderate approach to interest rate reductions in a statement at Jackson Hole. Powell added that risk balances may change, leaving policy in a restrictive area, and that a change in the balance of basic outlook and risk may require adjustments to our financial policy stance.
The probability of interest rate reduction is 85%, but data on personal consumption expenditures (PCE) have been released, which continues closely when the Fed decides on interest rates and is considered a key inflation indicator.
Therefore, the personal consumption expenditure data for July was as follows:
Core’s Personal Consumption Expense Price Index (Annual) is 2.9% – Forecast 2.9% – Previous 2.8%
Core Personal Consumption Expense Price Index (Monthly) 0.3% – Forecast 0.3% – Previous 0.3%
Personal Consumption Expense Price Index (Annual) is 2.6% – Forecast 2.6% – Previous 2.6%
Personal Consumption Expense Price Index (Monthly) announced 0.2% – Forecast 0.2% – Previous 0.3%
Bitcoin (What was the first reaction to BTC?
*This is not investment advice.
