The price of bitcoin rose 1% in the minutes after the BLS reported the U.S. inflation rate as dipping to 4.9% in April versus forecasts for 5.0%. SteveAlpher reports
The annual U.S. inflation rate slowed to 4.9% in April from 5.0% in March and versus economist forecasts for 5.0%, according to the Bureau of Labor Statistics' Consumer Price Index report Wednesday morning.For the month of April, the CPI rose 0.4% against expectations for 0.4% and versus 0.1% in March.
The core CPI – which strips out food and energy costs – rose 0.40% in April versus forecasts for 0.4% and March's 0.4% advance. The annual core CPI rate in April was 5.5% versus forecasts for 5.5% and March's 5.6%. At its last meeting earlier in May, the U.S. Federal Reserve's Federal Open Market Committee indicated it's considering at least a pause in its historic run of rate increases that's seen the central bank take the benchmark fed funds rate from about 0% in early 2022 to the current targeted range of 5.0%-5.25%.
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