PCE Inflation Comes In At 2.5%, Crypto Market Reacts Positively

The global financial sector, let alone the crypto market, was eagerly waiting for the PCE inflation data today.

The global financial sector, including the crypto market, had pinned their hopes on today's PCE inflation data. According to the latest figures, inflation decreased to 2.5% in June from 2.6% in the previous month. It is noteworthy that this aligns with market expectations, despite the fact that core inflation remained unchanged in June.

PCE Inflation Settles At 2.5% The Commerce Department recently released U.S. PCE inflation data, showing that inflation fell to 2.5% in June, compared with 2.6% the previous month. Notably, markets expect a similar inflation reading in June.

However, on a month-on-month basis, the personal consumption expenditure (PCE) figure was unchanged at 0.1% in May. The core PCE index showed inflation unchanged from May at 2.6% and above market expectations of 2.5%. On a month-on-month (MoM) basis, the core PCE index stood at 0.2%, up from a 0.1% change in the previous month.

Judging from the current market performance, the cryptocurrency market seems to be reacting positively to the falling inflation data. However, the mixed data appears to have fueled discussion about how the Fed will adjust its policy rate plans.

Also Read: BitFlyer Reaches Agreement to Acquire FTX Japan, Will Launch Crypto ETF Service

Crypto Market Poised To Continue RallyingThe cryptocurrency market today after a volatile week of trading. It appears that the latest mixed inflation data has further fueled market spirit, which was already high today amid the Bitcoin Conference 2024 buzz.

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