Crypto market react to CPI report
Bitcoin and Ethereum experienced a 0.39% drop in 24 hours, but gained 0.95% for the week. The Consumer Price Index (CPI) rose 0.2%, boosting inflation to 3.2%. The Labor Department’s headline CPI report signaled the end of the Fed’s hiking curve. Analysts have emphasized the U.S. deadline for ARK Investment Management’s spot Bitcoin ETF application…
Oil prices decline marginally
Oil prices dipped slightly on Friday as investors weighed OPEC’s optimistic demand expectations against mixed economic data in China. Brent crude fell 15 cents to $86.25, while WTI crude futures fell 13 cents to $82.69 a barrel. OPEC forecasted 2.25 million barrels per day growth in global oil demand in 2024, down from 2.44 million…
The annual US CPI rate rose 3.2%
In July, rising rents were mostly offset by lower prices for cars and furniture, which could persuade the Federal Reserve to keep interest rates unchanged next month. The Labor Department report indicated underlying inflation pressures decreased last month, with prices without food and energy rising at the slowest rate in over two years. This positive…
Inflation has surpassing the Fed prediction
The Federal Reserve’s 2% inflation target has been exceeded, signaling a potential hike in rates later this year. Fed Chair Jerome Powell believes the tight labor market and a 2% inflation increase suggest the central bank may pause interest rate hikes in September. CME Group data suggests a 90% chance the Fed will hold rates…
The latest data from the Bureau of Labor Statistics
The BLS report shows that consumer prices rose faster in July than in June, with the CPI increasing 3.2% year-over-year. Prices rose 0.2% and 4.7% on a “core” basis, excluding food and gas, meeting economist expectations. Rents also rose, with monthly rent and owners’ equivalent indexes growing 0.4% and 0.5%, respectively. The shelter index drove…
Erdogan’s still against interest rate hikes
Erkan will continue tightening despite Erdogan’s objection to high rates, predicting annual inflation to climb until the second quarter of 2024. The central bank is aiming to protect jobs and economic growth while bringing inflation to single digits. Finance Minister Mehmet Simsek supports Erdogan as rates rise and GDP slows. Moody’s may upgrade Turkey’s credit…
Lira has fallen 26% and the interest rate still hiking
Ankara’s struggle as it moves towards more conventional policies is highlighted by an 8.5% increase in prices in August. The new finance minister and central bank chief implement a policy U-turn, including interest rate hikes to limit domestic consumption. The falling lira and tax hikes keep inflationary pressure high. After years of dramatic rate decreases,…
A new record of US mortgage rates
The average 30-year mortgage rate reached 7.09%, the second-highest since 2001, following a U.S. government debt downgrade. The mortgage applications index declined by 3.1% to 194.5, a six-month low. The Federal Reserve’s aggressive interest rate hikes may be impeding home price cooling, but increased mortgage rates and reduced demand may be beneficial for shelter prices…