U.S. CPI Meets Estimates, Rising 0.2% in October; Bitcoin Moves Above $89K
Summary
U.S. inflation data for October matched economist estimates, with the Consumer Price Index (CPI) rising 0.2% month-over-month and 2.6% year-over-year. Core CPI increased by 0.3% in October, consistent with forecasts. Bitcoin's price surged to $89,500, up nearly 30% over the past week. The U.S. Federal Reserve has reduced the federal funds rate by 75 basis points since September, contributing to bitcoin's rise. The probability of an additional 25 basis point rate cut in December increased from just under 60% to 69% following the inflation data release.
