Bitcoin (BTC) has been on the rise since the Fed cut its first interest rate by 50 basis points last week, climbing above $65,000 yesterday.
While analysts expect Bitcoin to continue to rise with the start of October, generally known as the month of rise, data on Personal Consumption Expenditures (PCE), which the FED closely follows when making interest rate decisions and is considered a leading inflation indicator, has been announced.
Accordingly, personal consumption expenditures data for August were as follows:
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%
What Was the Initial Reaction of Bitcoin (BTC) and Dollar (DXY)?
Interest Rate Cut Expectations Continue!
After the Fed made its first rate cut, all eyes turned to the November meeting. While 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 by the Fed on November 7 is priced in at 51.2%, while a 50 basis point cut is priced in at 48.8%.
*This is not investment advice.
