The post U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts appeared on BitcoinEthereumNews.com. The August U.S. CPI inflation data have come in line with expectations, which further strengthens the case for a rate cut at next week’s FOMC meeting. Bitcoin had sharply dropped on the back of the data release, but is now looking to hold above the $114,000 level. U.S. CPI Inflation Comes In Line With Expectations, Bitcoin Reacts Bureau of Labor Statistics data show that the CPI inflation rose to 2.9% year-over-year last month, in line with expectations. The monthly CPI data came in at 0.4%, just above expectations of 0.3% The Core CPI inflation data were also in line with expectations, rising to 3.1% Y0Y and 0.3% month-on-month. This development suggests that inflation remains steady and supports a case for a rate cut at next week’s FOMC meeting. The Bitcoin price had sharply dropped on the back of the CPI release, falling below the psychological $114,000 level. However, TradingView data shows that the flagship crypto has now rebounded and is again looking to break above $114,000. Source: TradingView; Bitcoin Daily Chart The CPI inflation data is a positive for Bitcoin and other crypto assets, as the Fed is likely to make a rate cut next week. A rate cut is expected to boost risk-on sentiment and inject more liquidity into the market. Meanwhile, it is worth mentioning that the PPI inflation data, which dropped yesterday, also strengthened the case for a Fed rate cut. The data came in way below expectations, suggesting that the Fed should be more worried about the weakening labor market than inflation. The initial jobless claims data, which dropped today alongside the CPI inflation data, also confirms that the labor market is indeed weakening. The weekly jobless claims jumped to 263,000, against expectations of 235,000. This represents the highest figure since October 23, 2021. Market Settles… The post U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts appeared on BitcoinEthereumNews.com. The August U.S. CPI inflation data have come in line with expectations, which further strengthens the case for a rate cut at next week’s FOMC meeting. Bitcoin had sharply dropped on the back of the data release, but is now looking to hold above the $114,000 level. U.S. CPI Inflation Comes In Line With Expectations, Bitcoin Reacts Bureau of Labor Statistics data show that the CPI inflation rose to 2.9% year-over-year last month, in line with expectations. The monthly CPI data came in at 0.4%, just above expectations of 0.3% The Core CPI inflation data were also in line with expectations, rising to 3.1% Y0Y and 0.3% month-on-month. This development suggests that inflation remains steady and supports a case for a rate cut at next week’s FOMC meeting. The Bitcoin price had sharply dropped on the back of the CPI release, falling below the psychological $114,000 level. However, TradingView data shows that the flagship crypto has now rebounded and is again looking to break above $114,000. Source: TradingView; Bitcoin Daily Chart The CPI inflation data is a positive for Bitcoin and other crypto assets, as the Fed is likely to make a rate cut next week. A rate cut is expected to boost risk-on sentiment and inject more liquidity into the market. Meanwhile, it is worth mentioning that the PPI inflation data, which dropped yesterday, also strengthened the case for a Fed rate cut. The data came in way below expectations, suggesting that the Fed should be more worried about the weakening labor market than inflation. The initial jobless claims data, which dropped today alongside the CPI inflation data, also confirms that the labor market is indeed weakening. The weekly jobless claims jumped to 263,000, against expectations of 235,000. This represents the highest figure since October 23, 2021. Market Settles…