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U.S. September CPI Rises 0.4%, Outpacing Forecasts; Bitcoin Slips Further
The year-over-year pace of inflation was 3.7%, also faster than economist expectations.
The Consumer Price Index (CPI) for September rose 0.4% versus economist estimates of 0.3% and the previous month's 0.6%. On a year-over-year basis in September, the CPI rose 3.7% versus forecasts of 3.6% and August's 3.7%
The core CPI – which strips out food and energy costs and which has been more stubborn in coming down than the headline rate – rose 0.3% in September against estimates of 0.3% and 0.3% the previous month. Year-over-year core CPI was 4.1% versus 4.1% forecast and 4.3% in August.
STORY CONTINUES BELOW
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The price of bitcoin [BTC] added to early losses following the news, now down 1.2% to $26,770.
Released yesterday afternoon, the minutes of the most recent meeting of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) suggested policymakers were mostly in agreement that they would likely need to hike rates one more time before ending the monetary tightening cycle.
Currently, rate traders are expecting just about a 10% chance that rate hike could come at the Fed's November meeting, but the odds go up to 30% by year-end, according to the CME's FedWatch.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
