{"id":63979,"date":"2024-08-14T16:53:10","date_gmt":"2024-08-14T16:53:10","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=3122"},"modified":"2024-08-14T16:53:10","modified_gmt":"2024-08-14T16:53:10","slug":"u-s-inflation-slows-in-july-to-2-9-and-bitcoin-dips-below-6100","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/pt\/u-s-inflation-slows-in-july-to-2-9-and-bitcoin-dips-below-6100\/","title":{"rendered":"U.S. Inflation Slows in July to 2.9%, Bitcoin Dips Below $61,000"},"content":{"rendered":"\n

U.S. inflation showed signs of slowing in July, aligning with economists’ estimates and paving the way for a possible interest rate cut.<\/p>\n\n\n\n

The U.S. Consumer Price Index (CPI), a widely analyzed measure tracking the cost of a broad basket of goods and services, increased slightly by 0.2% month-over-month in July, leaving the 12-month inflation rate at 2.9%, according to a report released Wednesday by the Labor Department’s Bureau of Labor Statistics.<\/p>\n\n\n\n

These results were in line with forecasts from economists surveyed by Dow Jones, which had predicted readings of 0.2% for the month and 3% for the year, according to CNBC. The annual reading, slightly below estimates and down from June\u2019s 3%, is the lowest since March 2021.<\/p>\n\n\n\n

The core CPI, which excludes food and energy costs, also showed a modest increase of 0.2% in July, matching expectations and slightly above the 0.1% increase from the previous month. The year-over-year core CPI was 3.2%, in line with estimates and slightly lower than June\u2019s 3.3%.<\/p>\n\n\n\n

Inflation data has been moving progressively closer to the Fed’s 2% annual target. The latest reading supports the narrative for an upcoming interest rate cut in September, as investors anticipate.<\/p>\n\n\n\n

Fed officials have signaled their willingness to ease rates, though they have not committed to a specific timeline or speculated on the pace of the cuts.<\/p>\n\n\n\n

The Fed raised interest rates rapidly to combat inflation, which reached multi-decade highs in 2022 after the COVID-19 pandemic, and has not cut rates since. Rates have remained at a 23-year high within the 5.25% – 5.5% range for over a year.<\/p>\n\n\n\n

Bitcoin Slides Below USD $61,000<\/strong><\/h2>\n\n\n\n

The cryptocurrency market did not respond positively to the inflation news, as Bitcoin slipped below USD $61,000 after the report’s release. This downturn was mirrored by other major cryptocurrencies, which are currently showing declines of nearly 1% over the last hour.<\/p>\n\n\n\n

In contrast, gold surged to $2,474.04 an ounce in Wednesday morning trading, approaching record highs, as reported by Reuters.<\/p>\n\n\n\n

Earlier in the week, Bitcoin experienced its fastest pace of decline in several years, plunging to the USD $49,000 area amid concerns about a slowing U.S. labor market and fears of an economic recession. The situation was further exacerbated by tensions in the Middle East and a rate hike announced by the Bank of Japan.<\/p>\n\n\n\n

The digital asset market has shown signs of recovery from last week\u2019s downturn, although volatility persists. Bitcoin is hovering around USD $60,900 at the time of publication, up 3.3% in the last few hours and 6.3% for the week, according to CoinMarketCap data.<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. inflation showed signs of slowing in July, aligning with economists’ estimates and paving the way for a possible interest […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[629,2935],"tags":[],"class_list":["post-63979","post","type-post","status-publish","format-standard","hentry","category-cryptocurrencies","category-markets"],"acf":[],"yoast_head":"\nU.S. Inflation Slows in July to 2.9%, Bitcoin Dips Below $61,000 - 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