Biden

Bitcoin

Impact

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/biden-addresses-inflation-and-its-impact-on-markets/" data-wpel-link="internal">Biden Addresses Inflation and Its Impact on Markets</a> 
<a href="https://en.coin-turk.com/mysterious-bitcoin-whale-on-the-move-decade-old-treasure-changes-hands/" data-wpel-link="internal">Bitcoin</a> price rose to $61,800 as headline inflation was announced at 2.9%. Although not as impressive as yesterday’s PPI <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, headline inflation is decreasing. There is a monthly increase, so it could have been better. US President Biden made some statements about inflation and emphasized the need to delve into the details of the CPI report. 
<h2 style="text-align: justify" id="biden-s-inflation-statement">Biden’s Inflation Statement</h2> 
Cryptocurrencies need inflation to decrease and the Fed to normalize <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> for a rise. US markets did not start the day poorly while the article was being prepared, but the details in the inflation data slightly lowered the expectation of a 50bp cut for September. However, the expectation of a definite cut in September continues. 
Biden said the following during his statement while the article was being prepared: 
<blockquote> 
 “Prices are still too high. Large companies are not doing enough to lower prices. There is still much work to be done on inflation, but we are making real progress.” 
</blockquote> 
<h2 style="text-align: justify" id="details-of-the-inflation-report">Details of the Inflation Report</h2> 
According to the data released today by the US Bureau of Labor Statistics, the all-items index increased by 2.9% annually. The most notable part of the report is the rise in the housing index in July. In July, the housing index increased by 0.4%, representing 90% of the monthly overall increase. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-379840 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/abd-cpi-raporu.png" alt="" width="1796" height="862"> 
Let’s summarize some important details in the report: 
<ul style="text-align: justify"> 
 <li>The energy index did not change after the decline two months ago.</li> 
 <li>The food index increased by 0.2% in July, as it did in June.</li> 
 <li>Indexes that increased in July include housing, motor vehicle insurance, furniture, education, entertainment, and personal care.</li> 
 <li>Items that helped the decline in inflation include used cars and trucks, medical care, airline fares, and clothing.</li> 
 <li>The all-items index increased by 2.9% over the 12-month period ending in July, marking the lowest 12-month increase since March 2021. The all-items index excluding food and energy increased by 3.2% over the last 12 months, the lowest 12-month increase since April 2021.</li> 
 <li>The food index increased by 2.2% over the 12-month period.</li> 
</ul> 
The August inflation data will be announced on Wednesday, September 11, 2024. The Fed’s interest rate decision will be announced on September 18, seven days after seeing the August inflation data, and many other data like PCE will be released by then. Therefore, the expectation of a September cut can easily change based on the upcoming data. If the data next month is better, a more favorable environment for a rise in crypto will be seen between the 11th and 18th. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/biden-addresses-inflation-and-its-impact-on-markets/" data-wpel-link="internal">Biden Addresses Inflation and Its Impact on Markets</a></h5>
The post <a href="https://en.coin-turk.com/biden-addresses-inflation-and-its-impact-on-markets/" data-wpel-link="internal">Biden Addresses Inflation and Its Impact on Markets</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Biden Addresses Inflation and Its Impact on Markets

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