The post US PCE Inflation Cools To 3%, How BTC, ETH, and XRP Are Responding? appeared on BitcoinEthereumNews.com.

The investors were eagerly waiting for the US PCE Price Index data, an important gauge to measure inflation, which can set the future stage for the Fed’s decision with its rate hike plans. Meanwhile, according to the latest data by the U.S. Bureau of Economic Analysis, the US PCE Price Index showed no change in October, as compared to an increase of 0.4% in the prior month. US PCE Index Soars 3% In October According to recent data, the Core PCE Price Index, a crucial metric for Fed positioning, rose 0.2% in October, as compared to a 0.3% increase in the prior month. Notably, on an annual basis, it advanced 3.5%, as compared to a 3.7% surge seen in the previous month. Simultaneously, the headline PCE Price Index remained unchanged on a month-over-month (MoM) basis in October, with an annual acceleration of 3.0%, as compared to September’s 3.4% advance. However, Wall Street economists predicted a modest 0.1% increase in the personal consumption expenditures price index, attributing it to declines in energy prices. This was expected to bring the annual PCE inflation rate down to 3.1% from September’s 3.4%. On the core PCE front, a 0.2% rise was previously anticipated, a slight decrease from the 0.3% seen in September. Analysts predicted the Core PCE inflation rate to decrease by 3.5% from the previous 3.7%. Meanwhile, in the third quarter, the United States’ real Gross Domestic Product (GDP) demonstrated substantial growth at an annualized rate of 5.2%. This updated figure, reported by the BEA on Wednesday, marks a significant upward revision from the initial reading of 4.9%. In addition, detailed insights from the report indicate revisions in the PCE inflation, which was adjusted down to 2.8% on a quarterly basis in Q3 from the initial 2.9%. Similarly, the Core PCE inflation was…

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Filed under: News - @ December 1, 2023 2:08 am