Inflation Reaches 40-Year High: How Will This Affect Bitcoin Prices?
— Bitcoin, Inflation, Affect, Prices, 40year, Rate, Rosmer, Policy, Continue, High — 1 min read
Consumer Price Index for All Urban Consumers (CPI-U) climbed 9.1% during the year through June before seasonal adjustment, Bureau of Labor Statistics data shows. This result surpassed the 8.8% figure predicted by Reuters and Dow Jones polls, and represented the highest reading for this 12-month measure of inflation since November 1981. The strength of this data could make it easier for Federal Reserve policy makers to continue their plans to aggressively hike the federal funds rate, which in turn affects broader borrowing costs. Higher interest rates could reduce demand for the digital currency by making interest-bearing securities more appealing. The central bank may very well change course, says DeFiYield's CEO and co-founder of cross-chain asset management dashboard. Source