Crypto Market Reaction: US CPI Comes in Hot for December

BeInCrypto2024/01/11 14:27

By:David Thomas

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The US Consumer Price Index (CPI) rose 3.4% annually in December. The so-called Core CPI, which strips out food and energy costs, came in 0.1% above expectations and was up 3.9% year-on-year.

The SP 500 futures dropped sharply after the news broke. Yields on the ten-year Treasury were flat, while the US dollar index erased an earlier decline . Bitcoin dropped from $47,331 to $46,987 after the news, while Ethereum (ETH) dipped from $2,654 to $2,629.

This is a developing story.

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Goldman Sachs has shifted from predicting a rate hold to betting on a 25 basis point hike next week, stating that this change is not due to particularly bad inflation data—the August CPI was not perfect, but it wasn’t alarming either. The real key is that hawkish comments from Waller have already shaped market expectations: "If the inflation data isn’t perfect, there will be a rate hike." If the Federal Reserve backs down now, its credibility will suffer a serious blow and long-term interest rates could react sharply and immediately.

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