Bitcoin loses $57,000! U.S. CPI cooled sharply in June, but U.S. stocks unexpectedly fell

This site (120Btc.coM): The U.S. Bureau of Labor Statistics released the latest CPI data last night (11th), showing that inflation continues to slow down. Specifically: the overall CPI in June fell by 0.1% from May, which was lower than the expected increase of 0.1%; compared with the same period last year, it increased by 3.0%, which was also lower than the expected 3.1%.

Core CPI increased by 0.1% from May, which was also lower than the expected 0.2% increase and hit the lowest increase in the past three years.

U.S. Consumer Price Index CPI (month-on-month)

JPMorgan Chase has advanced its interest rate cut expectations from November to September

After the latest CPI data is released, the Federal Reserve’s anti-inflation pressure will be smaller Some. JPMorgan economist Michael Feroli has moved his previous expectation that the U.S. Fed will cut interest rates as early as November to September: Fed Chairman Powell has previously said that the central bank hopes to see more news of slowing inflation. , and the latest CPI data provides the required basis for their monetary policy. We now believe this inflation report paves the way for a first rate cut in September, with subsequent cuts to follow each quarter.

Spartan Capital Securities: The Fed is expected to cut interest rates three times this year

Also holding the same position is Peter Cardillo, chief economist of Spartan Capital Securities. He said that if the CPI report in August continues to remain weak, the Fed may cut interest rates this year. Three interest rate cuts: June’s CPI report is good news for the Fed, and good news for consumers and the overall economy. This report basically supports Powell’s view that 2% inflation is achievable. Powell has now hinted at a rate cut in September, and if we get another good inflation report in August, then I think we're likely to see at least two rate cuts this year, and possibly three. If overall economic indicators weaken over the next month, the Fed may also take surprising measures.

According to the CME Group’s FedWatch tool, the current market forecast for the Fed to start cutting interest rates in September has increased again from 69.7% on Wednesday (10) to 86.3%. It is believed that by December this year, the Fed will have completed three interest rate cuts. The probability also increased to 44.7%.

US stocks unexpectedly fell

However, although the US CPI data reported good news, investors seem to be shifting their targets and withdrawing from technology giants that have performed strongly recently. NVIDIA closed down 5.57%, Tesla fell 8.44%... According to statistics, the market value of the "Big Seven" in the US stock market has evaporated by nearly US$600 billion in a single day.

With the exception of the Dow Jones, all four major indexes fell:

• The US Dow Jones Index rose 32.39 points, or 0.08%, to close at 39,753.75 points.

• The Nasdaq index fell 364.04 points, or 1.95%, to close at 18,283.41 points.

• The S&P 500 index fell 49.37 points, or 0.88%, to close at 5,584.54 points.

• The Philadelphia Semiconductor Index fell 204.88 points, or 3.47%, to close at 5,699.66 points.

Bitcoin rises and falls

In the cryptocurrency market, Bitcoin jumped after the CPI data was released, reaching a maximum of $59,579.

But then selling pressure emerged and the U.S. stock market performed poorly, and Bitcoin began to fluctuate and fall again. At the time of writing, it was currently trading at $56,713, down 1.43% in the past 24 hours.

The trend of Ethereum is similar to that of Bitcoin. After the CPI was released last night, it reached a maximum of 3,216 US dollars. At the time of writing, it has fallen back to 3,061 US dollars, down 1.15% in the past 24 hours.

The above is the detailed content of Bitcoin loses $57,000! U.S. CPI cooled sharply in June, but U.S. stocks unexpectedly fell. For more information, please follow other related articles on the PHP Chinese website!