Calm Markets: Stocks, Crypto, and Gold Show Little Movement Post CPI

News.bitcoin.comPublicado a 2024-09-11Actualizado a 2024-09-11

The latest consumer price index (CPI) from the U.S. Bureau of Labor Statistics shows that inflation cooled to 2.5% in August, marking the slowest rate since 2021. Meanwhile, core CPI, which strips out the fluctuating food and energy sectors, posted a 0.3% increase for the month.

Stocks, Bitcoin, and Gold Unmoved by CPI Data

On Wednesday, the Bureau of Labor Statistics (BLS) released its latest CPI report, noting that “over the last 12 months, the all items index increased 2.5 percent before seasonal adjustment.” The report also highlights that “the index for all items less food and energy rose 0.3 percent in August, after rising 0.2 percent the preceding month.”

Following the report’s release, stock indices mostly held steady. The Nasdaq nudged up nearly a full percentage point, with the S&P 500 seeing minor gains, while both the Dow and Russell 2000 experienced slight declines. Bitcoin saw little movement after the report, down 0.4% over the last 24 hours, with a small dip after the Harris-Trump debate.

Despite the small drop, BTC was trying to hang on to the $57K range at 9:15 a.m. EDT on Wednesday. The broader crypto market dropped 1.2% in the same period, with global trade volume sliding 5.3% compared to Tuesday. Ethereum also had a quiet trading day on Wed., following the U.S. Labor Department’s release. By 9:35 a.m., BTC was trading lower at $56,446 per coin. Ether was also trading lower, down 0.9% at $2,318 per coin at the same time.

Precious metals showed mixed performance on Sept. 11. Gold fell 0.4% by 9:15 a.m. EDT, while silver gained 0.57% over the past day. Gold is currently trading at $2,510 per ounce, with silver at $28.58. The CPI’s latest figures are nearing the U.S. Federal Reserve‘s 2% target rate, potentially increasing optimism for a rate cut on Sept. 18. As of now, there’s an 83% chance of a 25 basis points (bps) reduction, while a 50 bps cut holds at 17%.

What do you think about the latest inflation report and market reactions? Share your thoughts and opinions about this subject in the comments section below.

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