Investors and economists alike were keeping a close eye on the Consumer Price Index (CPI) for the month of April.
This particular metric is considered highly important in predicting the Fed’s future moves with respect to interest rates and can have a significant impact on the overall market.
Previous predictions by experts suggested that the CPI for April would show a year-on-year increase of 5%, which remained considerably higher than the average increase observed over the past 20 years, though it would mark the lowest increase since May 2021.
April’s Inflation Rate Declines
According to data released by the US Bureau of Labor Statistics, the U.S. Year-on-Year Consumer Price Index (CPI) has come in at 5.5%. The rate falls within investors’ expectations, suggesting that inflation is slowing.
Briefly after the data release, the crypto market regained bullish momentum, with Bitcoin surging by 1.64% in one hour and surpassing…
