- Bitcoin (BTC) Status After Rate Cut
- Personal Consumption Expenditures Data
- Expectations for Further Rate Cuts
Bitcoin (BTC) continues to stay in the limelight after the US Federal Reserve cut its interest rate by 50 basis points last week. The price of Bitcoin surged above $65,000.
Bitcoin (BTC) Status After Rate Cut
Analysts expect Bitcoin to continue its rise with the start of October, usually known as the month of increases. Yesterday, Bitcoin surpassed the $65,000 mark thanks to the Fed's rate cut.
Personal Consumption Expenditures Data
Personal Consumption Expenditures (PCE) data, closely monitored by the Fed when making interest rate decisions and considered a leading indicator of inflation, were announced. Key data for August: - Core Personal Consumption Expenditure Price Index (YoY): Announced 2.7%; Expected 2.7%; Previous 2.6% - Core Personal Consumption Expenses Price List (Monthly): Announced 0.1%; Expected 0.2%; Previous 0.2% - Personal Consumption Expenditure Price Index (Annual): Announced 2.2%; Expected 2.3%; Previous 2.5% - Personal Consumption Expenditure Price Index (Monthly): Announced 0.1%; Expected 0.2%; Previous 0.2%
Expectations for Further Rate Cuts
After the first rate cut, all eyes turned to the November meeting. Experts expect the Fed to make one or two rate cuts by the end of 2024. According to CME FedWatch, a 25 basis point cut at the November 7 meeting is priced in at 51.2%, while a 50 basis point cut is priced in at 48.8%.
Financial markets and cryptocurrency analysts are closely watching the Fed's next moves. The rate cut has already significantly impacted Bitcoin's value, and expectations of future cuts might continue this trend.
Comments