U.S. Inflation Was Negative in June; Bitcoin Jumps Above $59K

U.S. Inflation Was Negative in June; Bitcoin Jumps Above $59K


June CPI came in softer than expected. The odds of imminent Fed rate cuts rose sharply following the news. Under major pressure of late, the price of bitcoin rose as well.

Inflation continued to retreat in June, according to the government’s Consumer Price Index (CPI) report on Thursday morning, with the June rate coming in at a negative 0.1% pace against forecasts for a gain of 0.1% and May’s 0.0% read.

On a year-over-year basis, the CPI was higher by 3.0% versus expectations for 3.1% and 3.3% in May.

Core CPI – which strips out food and energy

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