How Will Bitcoin’s Price React as US CPI for February Matches Expectations?

The United States Labor Department released the highly anticipated Consumer Price Index numbers for February, the last such data before the upcoming FOMC meeting next week.

Interestingly, experts nailed the actual numbers, with a 0.3% increase for February and a 2.4% rise year-over-year.

The increase for the previous month was slightly higher than the number for January (0.2%). Core CPI, which excludes more volatile sectors like food and energy, rose 0.2%, also matching the forecasts. In contrast, January’s increase was slightly higher MoM (0.3%).

The single-largest component of the regular CPI, shelter, jumped by 0.2% monthly and 3% annually, while rent rose by 0.1%, which is the lowest monthly increase in over five years.

Given the matched expectations, experts now believe the US Federal Reserve will keep the key interest rates unchanged during its next FOMC meeting, scheduled for the following week.

Bitcoin’s price reacted with minor volatility immediately after the Labor Department published the data for February, going from $69,000 to $69,800, where it was stopped and pushed back to around $69,300 as of press time.

It appears that the inflation data does not impact its price moves as much as it used to, as global financial markets are focused on the ongoing war between the US and Israel on one side, and Iran on the other.

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