The investors eagerly awaited the US CPI data for cues on the economic health of the nation. Notably, the latest data showed that the inflation inched up to 2.7% in November, up from 2.6% noted in the prior month. However, this increased figure came in line with the market expectations, fueling hopes over another Fed rate cut at the central banks’ next week FOMC gathering. Besides, it also sparked optimism over a potential rally in Bitcoin (BTC) and altcoin prices ahead.
US CPI Inflation Inched Up To 2.7% In November
The latest data by the Labor Department showed that the US CPI inched up to 2.7% in November, marking an increase from 2.6% in the prior month. However, the figure came in line with the market expectations. The headline inflation, on a monthly basis, comes in at 0.3% following the 0.2% noted in October.
On the other hand, the Core Consumer Price Index for November, which excludes food and energy prices, comes in at 3.3%. The figure remained unchanged from the October figure and was also in line with the market expectations. On a monthly basis, the Core CPI figure also remains unchanged at 0.3%.
Notably, as the figures were in tandem with the market forecasts, the investors appear to have remained optimistic. It has also fueled optimism over another potential Fed rate cut at the upcoming central bank’s gather next week.
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