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#USMayPCEInflationRisesTo4.1%HighestIn3Years
🌡️ The May Personal Consumption Expenditures price index is up to 4.1%. That is a 3 year high. This means the Federal Reserve rate hike bet for July is getting serious.
The market reacted to this news in a predictable way. The Personal Consumption Expenditures price index went up by 4.1% from year to this year in May. The Core Personal Consumption Expenditures, which does not include food and energy is at 3.4%. That is the highest it has been since October 2023.
Both of these numbers are higher than people thought they would be. They show that the inflation problem is not going away. It is actually getting worse.
The main reason for this is energy prices. There was a conflict in the Middle East that made oil prices go up in May and June. Even though there is a ceasefire now it will take some time for the inflation numbers to go down.
This is why people think the Federal Reserve will raise interest rates in July. The market is not waiting to see what happens next. It is already reacting to the inflation numbers.
After the Personal Consumption Expenditures news came out the dollar index went up to a 1 year high of 101.52. Gold prices went down to near 7 month lows.
For Bitcoin and other crypto currencies things are not looking good. The price of Bitcoin went up a bit but that is not because the economy is getting better. It is just a small bounce back.
The real problem is that the high inflation numbers and the possibility of interest rate hikes make it harder for Bitcoin and other crypto currencies to compete with investments.
One good thing about this news is that the ceasefire in Iran might make energy prices go down soon. If that happens the inflation numbers might go down too. The Federal Reserve might not raise interest rates in July.
Until we know what happens next it is best to be careful and not take many risks.
The Personal Consumption Expenditures price index is at a 3 year high the dollar is at a 1 year high. Gold is at 7 month lows. Do you think the ceasefire, in Iran will make energy prices go down fast to stop the Federal Reserve from raising interest rates in July or will the crypto bear market keep going all summer?
#USMayPCEInflationRisesTo4.1%HighestIn3Years #GateSquare #MacroCrypto