Bitcoin Steadies Below $84,000 as Cooler PCE Data Eases October Rate-Hike Bets
Bitcoin traded below Live updates: Bitcoin below $84,000 ahead of PCE inflation data, Micron earnings.
ahead of the release of the Fed’s preferred inflation gauge, according to CoinDesk. Core PCE rose just Core PCE rose just 0.2% in August, easing pressure for an October Fed hike.
in August, a cooler print than expected, which eased pressure for an October Federal Reserve rate hike, according to The Block, which put bitcoin near Bitcoin trades near $83,700 as rising Treasury yields cap gains.
as rising Treasury yields capped gains.
Decrypt reported that bitcoin traders reacted to the soft PCE data by pushing the token higher, even as rate-hike odds fell, while Treasury bond yields climbed to 20-year highs. MarketWatch reported that Treasury yields posted their biggest quarterly jump in decades, with the bond rout intensifying.
Minneapolis Fed President Neel Kashkari said inflation is “still too high” even after the softer-than-expected PCE data, according to CNBC, which said Kashkari was set for an exclusive conversation with CNBC’s Steve Liesman.
Sources: CoinDesk, Decrypt, The Block, MarketWatch, CNBC
This article is for information only and is not financial advice.
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