The post Floki, Wormhole, Pepe pumps as US PCE inflation nears 2% appeared on BitcoinEthereumNews.com.

Cryptocurrencies, stocks, and other risky assets received another catalyst on Friday, Sept. 27, after the U.S. government published encouraging inflation data. US PCE inflation dropped in August Bitcoin (BTC) held steady above $65,000 while altcoins like Wormhole (W), Floki (FLOKI), Pepe (PEPE), and Shiba Inu (SHIB) jumped by over 15%. Futures tied to the Dow Jones, S&P 500, and Nasdaq 100 rose by over 25 basis points. Data from the statistics agency showed that personal consumption expenditure dropped from 0.2% in July to 0.1% in August, lower than the expected 0.2%. Year-over-year, it fell from 2.5% to 2.2%, marking the lowest point in over two years. Core PCE, which excludes volatile food and energy prices, also fell from 0.2% to 0.1% during the month. These numbers suggest that the Federal Reserve is nearing its inflation target of 2.0%. As a result, the bank will likely continue cutting interest rates in the final two meetings of the year, as the unemployment rate remains above 4%. The Fed had already slashed rates by 0.50% in its last meeting. Other global central banks, including the Swiss National Bank, European Central Bank, and the Bank of England, have also adopted a dovish tone. Historically, cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu have performed well when the Fed is cutting interest rates. In addition, China, the world’s second-largest economy, has opened the floodgates of money. On Tuesday, the central bank reduced a key interest rate and lowered reserve ratios, a move that will unlock over $100 billion to stabilize the stock market. Beijing is also considering delivering over $150 billion in additional stimulus. CZ is being released from jail FTX is giving people back $16 billion Donald Trump is gonna fire Gary Gensler Companies are hoarding bitcoin Banks are creating bitcoin accounts Institutions are max…

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Filed under: News - @ September 27, 2024 2:25 pm