US Inflation Slows to 3.4% in July, Crypto Unmoved
US consumer price growth eased to 3.4% year-on-year in July, matching forecasts. Core CPI fell to 2.5%, but the crypto market showed little reaction to the data.
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US consumer prices rose 0.1% month-on-month in July, pushing the annual inflation rate down to 3.4% from 3.5% in June. The core CPI, excluding food and energy, came in at 0.2% monthly and 2.5% annually.
All four headline and core figures landed exactly in line with market expectations. The deceleration continues the gradual cooling trend that the Federal Reserve is watching closely.
The cryptocurrency market largely shrugged off the macroeconomic update, with Bitcoin and major altcoins showing negligible price movement in the immediate aftermath.
Source: ForkLog