With March CPI in the US beating expectations, we take a look at the market's reaction
U.S. CPI rises 3.5% y/y in March, beating expectations
The U.S. Department of Labor reported that the Consumer Price Index (CPI) rose 3.5% year-over-year in March, up from 3.2% in February. This was above market expectations of 3.4%. The underlying consumer price index also rose 3.8% year-over-year, beating market expectations of 3.7%.
Fed June rate hike odds 77%
According to CME, there is a 98.4% chance that the Fed will keep rates unchanged in May and a 76.8% chance that the Fed will keep rates unchanged in June. U.S. March CPI was released today and beat expectations.
Goldman Sachs "US Fed sees first rate cut in July...2 cuts this year"
Global investment bank Goldman Sachs has predicted that the US Federal Reserve (Fed) will cut interest rates for the first time this year in July, according to ForrexLive. It also forecasts two more rate cuts, one in July and another in November.
President Joe Biden "likely to delay rate cut given March CPI rise"
According to WatchGuru, U.S. President Joe Biden "may delay a rate cut given that the Consumer Price Index (CPI) rose 3.5% year-over-year in March (market expectations of 3.4%). However, we still expect to see a rate cut sometime this year."
Bitwise CIO: "CPI beats expectations, BTC bulls can't stop gaining"
Matt Hougan, Chief Investment Officer of crypto asset manager and Bitcoin spot ETF issuer Bitwise, told X: "US CPI came in above expectations, but I don't think this will dampen the BTC bull run. Whether or not the Fed will cut rates by 25 basis points in June is not a long-term driver of BTC price. It's a marginal factor. ETF flows + rising deficits are more important, and they are very favorable for Bitcoin."
One whale deposited 800 BTC on Binance right after CPI release
"A whale deposited 800 BTC ($54.6 million) on Binance within five minutes of the US March CPI release," LookOnChain reported. The whale had also deposited 800 BTC on Binance the day before, when BTC dropped by about 4%. The whale now has a balance of 13,665 BTC ($9.286 billion)." Currently, Bitcoin is hovering around the 70.7K level. It is doubtful that the whale would have sold its holdings.
