Summary
- The US May Core PCE rose 2.7% year-on-year, surpassing market expectations.
- This indicator is reported as a key economic metric referenced by the Fed when making policy decisions, such as determining the benchmark interest rate.
- Immediately following the announcement, Bitcoin (BTC) dropped 0.36%, temporarily falling below $107,000.
The US Core Personal Consumption Expenditures (PCE) Price Index for May exceeded the market forecast (2.6%).
According to data released on the 27th (local time) by the Bureau of Economic Analysis (BEA), U.S. Department of Commerce, the May Core PCE in the United States rose 2.7% year-on-year, surpassing market expectations. Compared to the previous month, it also increased by 0.2%, beating experts' forecasts (0.1%).
The Core PCE excludes volatile food and energy prices. It is considered a major indicator referenced by the U.S. central bank (Fed) when making policy decisions, such as setting the benchmark interest rate.
Bitcoin (BTC) plunged 0.36% immediately after the index was released, briefly falling below $107,000 as inflation concerns resurfaced.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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