According to CNBC, in a much-anticipated report from the Labor Department’s Bureau of Labor Statistics, the consumer price index (CPI) showed a modest increase of 0.3% in April compared to March. This figure was slightly below the Dow Jones estimate of 0.4%, indicating a minor easing of inflationary pressures. However, the year-over-year CPI still rose by 3.4%, meeting expectations and highlighting the persistent nature of inflation.
Core inflation, which excludes the volatile food and energy sectors, also rose by 0.3% on a monthly basis and 3.6% annually, both aligning with forecasts. The 12-month core inflation reading marked the lowest level since April 2021, offering a glimmer of hope for consumers grappling with rising prices.
The CNBC article went on to say that financial markets responded positively to the CPI data, with stock futures rallying and Treasury yields falling. Futures traders increased the implied probability of the Federal Reserve initiating interest rate cuts in September. However, some economists cautioned against overexcitement, noting that while the report was not as hot as expected, it was not a game-changer.
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At the time of writing, the Dow Jones Industrial Index, the S&P 500 Index, and the Nasdaq Composite Index are all in the green, up by 0.4%, 0.53%, and 0.52%, respectively on the day.
The crypto market also experienced a rally thanks to the April US CPI report. Bitcoin, Ethereum, and Solana saw gains of 3.8%, 1.7%, and 4.5%, respectively, in the past 24 hours.
Featured Image via Pixabay
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- Source: https://www.cryptoglobe.com/latest/2024/05/crypto-market-surges-after-better-than-expected-u-s-inflation-data-increases-chances-of-a-fed-rate-cut-later-this-year/
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