Investing.com – The US inflation data released today showed that inflation didn’t slow down as much as expected in September, which apparently disappointed bulls.
The just-released report showed that overall inflation stood at 2.4% year-over-year, a slight decrease from the previous 2.5%, but still higher than the 2.3% forecasted by economists. Meanwhile, the “” inflation measure, which excludes the more volatile food and fuel costs, edged up to 3.3%.
After hitting $61,246 in the European session, the primary coin was down about 0.2%. price slipped as much as 2.4% while other cryptocurrencies were down as well, including (-1.1%).Â
Higher-than-expected inflation numbers fuel speculation that the Fed will pause rate cuts, boosting the ‘s strength and prompting risk aversion in the risky markets, including cryptocurrencies.Â
The CME’s FedWatch tool now indicates an 85% probability that the Federal Reserve will cut interest…
