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The US personal consumption expenditures (PCE) price index inflation data has come out in line with expectations. This US inflation data is significant, considering the impact that it could have on the Bitcoin price and the broader crypto market.
US Inflation Comes In At 2.3%
The US Bureau of Economic Analysis released PCE inflation data for October, which showed that inflation rose by 2.3% year over year (YoY), which is in line with expectations. Meanwhile, inflation increased by 0.2% from the previous month, which is also in line with with expectations.
As Coingape reported, this US PCE inflation data is one of the macro activities that is in the focus this week, considering its impact on the crypto market. It is worth mentioning that the US Federal Reserve also released its FOMC minutes yesterday. They noted that they would only further cut rates if they were confident that inflation was coming down to their 2% target.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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