Dive into 99Bitcoin’s CPI Crypto Projection, with US CPI tomorrow; Trump’s cryptocurrency bull run faces its first test after Bitcoin rejected $90,000.
This is an important macroeconomic moment; As things stand, this is the economy that Trump’s MAGA administration will inherit:
- Inflation – 2.1%
- Unemployment – 4%
- GDP increased by 3%
- US manufacturing industry is improving
Say what you will about Sleepy Joe Biden, but he was beginning to turn the tide on the economic mess he had unleashed.
The worst indicator Joe Biden uses is cumulative inflation since he took office until today. Yet the fact is that he is not entrusting a burning house to Donald Trump.
So what role will CPI data play in all of this?
Forecasters expect a CPI of 2.5% year-on-year tomorrow, a slight increase from the previous figure of 2.4%. pic.twitter.com/58eXM2vlYy
– Satoshi Flipper (@SatoshiFlipper) November 12, 2024
Underlying Inflation Stable: What to Expect This Week in the Crypto Market
As the financial sector prepares for the US CPI release in October, the focus is on what stable underlying inflation could mean. Bank of America economists forecast core inflation stable at 3.3% year-over-year, taking into account various elements that could push it higher.
According to Bank of America, “we view pro-growth fiscal policy, tariffs, and tightening immigration as potential sources of upward inflation risk in coming years if implemented.” .
Inflation could disrupt the Fed’s easing policy. A surge in inflation could halt or reverse the Fed’s rate cuts. Chairman Powell has been on the lookout, insisting on a global view of inflation trends.
Meanwhile, the Dow and S&P 500 are taking a minor hit as investors juggle the looming threat of inflation amid recent economic victories. Tesla, which is on a roll, is showing cracks with a 2% drop, highlighting the market’s nervousness over rumors of inflation.
Bitcoin has stabilized at $86,000 and appears to be awaiting CPI numbers.
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How is the U.S. economy performing according to other, broader economic indicators?
Beyond the CPI, the economic landscape is mixed. The third quarter saw strong growth in US GDP and booming auto sales point to a consumer base hungry for more. But that strength is colliding with persistent inflation, calling future Fed rate maneuvers into question.
October in the United States #IPC The numbers are almost there!
CPI (Annual):
• Previous: 2.4%
• Expected: 2.4%
• Previous: 3.3%
• Expected: 3.3%After last month’s surprising CPI figures, the market now expects inflation to remain stable.
Consequently, we hope for a… pic.twitter.com/RFvzRShCO3
-ULTRADE (@ULTRADE_org) November 11, 2024
CPI (Annual):West Texas Intermediate futures are hovering around $68.65 a barrel, symbolizing market volatility. The complex relationship between energy costs and inflation poses a crucial puzzle for policymakers and investors, with each development rippling down economic corridors.
Industrial production reflects this activity and is expected to fall, highlighting the obstacles manufacturers face.
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Looking to the Future Bitcoin and Technology
Crypto markets are on edge, awaiting CPI numbers, Fed Chair Powell’s remarks regarding those numbers, and other events that will likely interrupt today’s bull run. Conversely, with the Fed’s recent 25 basis point rate cuts aimed at curbing inflation – down since June 2022 – the stage is set for cryptocurrencies to potentially rise, thanks to their inverse connection.
The potential for upward pressure from a Trump victory and positive economic signals remains high. The hype is real and the upcoming CPI data will provide key insights into the US economy and future monetary policy.
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