BTC price action reacts badly to Bitcoin spot ETF filing errors with the SEC.
Separately, U.S. macroeconomic data provided further confusion for risk asset markets more broadly.
The Personal Consumption Expenditures Index print came in lower than expected and even managed its biggest drop in a year. BREAKING: PCE inflation, the Fed’s preferred inflation metric, FALLS to 3.8%, below expectations of 4.6%.This is the largest monthly drop this year.Despite signals that inflation is slowing, however, markets began to price in a bigger chance of interest rate hikes returning in July.Responding, financial commentary resource The Kobeissi Letter argued that inflation was simply too high despite the result.
“Interest rate expectations are RISING after the release of PCE inflation data this morning. But why?” it“Core PCE inflation, the Fed’s preferred inflation metric, is now UNCHANGED since December 2022. Core PCE inflation is now at 4.6% and still a major problem for the Fed.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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