Jump into the 99Bitcoin’s CPI Crypto projection, with the US CPI tomorrow; Trump’s crypto bull run is facing its first test after Bitcoin rejected $90,000.
This is an important macroeconomic moment; as it stands, this is the economy that Trump’s MAGA administration will inherit:
- Inflation – 2.1%
- Unemployment – 4%
- GDP grew 3%
- US Manufacturing is getting better
Say what you will about Sleepy Joe Biden, but he was starting to turn the ship around on the economic mess that he started.
Joe Biden’s worst metric is the cumulative inflation from when he took office until now. Yet, the point stands: he isn’t handing off a burning house to Donald Trump.
So, where will the CPI data play into all of this?
Forecasters are expecting a 2.5% YoY CPI tomorrow, a small up tick from the previous 2.4% reading pic.twitter.com/58eXM2vlYy
— Satoshi Flipper (@SatoshiFlipper) November 12, 2024
Stable Core Inflation: What to Expect This Week in Crypto Market
As the financial sector braces for the US October CPI release, the focus is on what steady core inflation might mean. Bank of America’s economists predict a stable 3.3% year-over-year core inflation, eyeing various elements that could push it up.
According to Bank of America, “We see pro-growth fiscal policy, tariffs, and tighter immigration as potential sources of upside inflation risk over the coming years if they are implemented.”
Inflation could disrupt the Fed’s easing path. A surge in inflation could halt or reverse the Fed’s rate cuts. Chair Powell’s been on watch, insisting on a broad view of inflation trends.
Meanwhile, the Dow and S&P 500 are taking a slight hit as investors juggle the looming threat of inflation against the backdrop of recent economic wins. Tesla, which has been on a roll, is showing cracks with a 2% dip, underscoring the market’s twitchiness over inflation rumors.
Bitcoin has stabilized at $86,000 and seems to be waiting for the CPI numbers.
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How is US Economy Performing According to Other Broader Economic Indicators?
Beyond the CPI, the economic landscape is a mixed bag. Q3 saw strong US GDP growth, and booming auto sales hint at a consumer base hungry for more. But this strength runs headlong into persistent inflation, throwing the Fed’s future rate maneuvers into question.
US October's #CPI Numbers are almost here!
CPI (YoY):
• Previous: 2.4%
• Expected: 2.4%
• Previous: 3.3%
• Expected: 3.3%After last month's surprising CPI numbers, the market is now expecting inflation to hold steady.
As a result, hopes for a… pic.twitter.com/RFvzRShCO3
— ULTRADE (@ULTRADE_org) November 11, 2024
West Texas Intermediate futures are swirling around $68.65 per barrel, embodying the market’s volatility. The tangled relationship between energy costs and inflation is a crucial puzzle for policymakers and investors, each shift echoing through economic corridors.
Industrial production mirrors this activity and is expected to dip, highlighting the hurdles manufacturers face.
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Looking Ahead For Bitcoin & Tech
Crypto markets are on edge, waiting for the CPI numbers, Fed Chair Powell’s remarks regarding those figures, and other events that will likely pause the upward march for today. Conversely, with the Fed’s recent 25 bps rate cuts aimed at cooling inflation—down since June 2022—the stage is set for crypto to potentially surge, thanks to their inverse connection.
The potential for upward pressure due to a Trump victory and positive economic signals remains high. The hype is real, and the upcoming CPI data will provide key insights into the US economy and future monetary policy.
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