U.S. CPI Increases 0.1% in May, Bitcoin Prices Rise
U.S. inflation data for May showed positive trends:
- CPI increased by 0.1%, below the forecast of 0.2% and April's 0.2%
- Year-over-year CPI rose 2.4%, slightly under the estimated 2.5% and matching April’s rate
- Core CPI, excluding food and energy, also rose 0.1%, against a forecast of 0.3% and April's 0.2%
- Year-over-year core CPI stood at 2.8%, compared to an expectation of 2.9% and April's rate
Market Reactions
- Bitcoin rose approximately 0.6% to $109,800
- Traders anticipate two Federal Reserve rate cuts this year, first in September and second in December
- U.S. stock index futures increased by about 0.4% after initial declines
- 10-year Treasury yield decreased by five basis points to 4.45%