The U.S. Consumer Price Index (CPI) data for October is set to show an anticipated inflation rise to 2.6%.
US Inflation Data for October
The U.S. Consumer Price Index (CPI) data for October is anticipated to be released at 8:30 a.m. Eastern Time, showing a year-on-year inflation increase of 2.6%, up from 2.4% in September. The core CPI, which excludes food and energy, is expected to remain steady at 3.3%.
Impact on the Global Crypto Market
The anticipated inflation rise triggered a slight decline in the global crypto market, with Bitcoin and other digital assets experiencing a short-term drop. Bitcoin, which had reached an all-time high of $89,956 on Tuesday, fell by 0.17% to $87,706. Consequently, the global crypto market cap decreased by 1.15% to $2.91 trillion, reflecting investor caution ahead of the CPI release.
Investor Forecasts and Expectations
Major banks such as Wells Fargo, JPMorgan, and Citi are forecasting a CPI increase between 2.5% to 2.6%. Any figures above expectations could further discourage hopes for a rate cut in December. As investors await the CPI data, the crypto market remains on edge, responding to shifts in traditional financial indicators.
The rise in inflation affects key financial markets, including the cryptocurrency market. Investors continue to monitor developments, considering possible changes in interest rate policies in the future.
