Bitcoin price has continued its run towards the north today, especially after the US CPI cooled to 2.4% in March. Investors eagerly awaited this crucial data from the Labor Department for cues on the inflationary pressure amid the ongoing global trade war due to Trump’s Tariff policy. However, with the cooling inflation, it appears that the US Fed might move ahead with a dovish plan with their rate cut plans.
US CPI Cools To 2.4%: Bitcoin Price Eyes Breakout
The latest Labor Department data showed that the US CPI inflation came in at 0.1% in March, down from 0.2% recorded in the prior month. On a year-over-year basis, the US Consumer Price Index comes in at 2.4%, as compared to 2.8% recorded in February. Notably, the year-over-year surge of 2.4% comes in lower than the Wall Street expectations of 2.6%.
Simultaneously, the Core CPI, which excludes food and energy prices, was at 0.1% in March, down from the prior month. On the other hand, the year-over-year figure cools to 2.8% from 3.1% recorded in February and the market expectations of 3%. These cooling inflation figures have fueled market optimism, with a flurry of market experts anticipating a Bitcoin price breakout ahead.
Meanwhile, this is one of the most crucial economic data that the US Central Bank considers for their monetary policy plans. Having said that, the cooling inflationary pressure has cemented bets towards a potential Fed rate cut in the coming days. Besides, a recent report also hinted that Fed Chair Jerome Powell might announce an emergency rate cut amid the global financial market turmoil.
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