Summary
- The U.S. July core PCE rose 2.9% year-on-year, matching market expectations.
- The indicator was reported to be a key gauge that the Federal Reserve (Fed) refers to when deciding the policy rate.
- Immediately after the indicator's release, Bitcoin (BTC) rose 0.45% on relief over inflation.
The U.S. July core Personal Consumption Expenditures (PCE) price index matched market expectations (2.9%).
According to data released on the 29th (local time) by the U.S. Bureau of Economic Analysis (BEA), the U.S. July core PCE rose 2.9% year-on-year, matching market expectations. It also rose 0.3% month-on-month, in line with experts' forecasts.
Core PCE is an index that excludes volatile food and energy. The Federal Reserve (Fed) is regarded as referring to it as a key indicator before considering policies such as policy rate decisions.
At 21:33 that day, Bitcoin (BTC) jumped 0.45% on relief following the inflation indicator release and was trading at 110,926 dollars.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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