Bitcoin Price Holds Steady as US July CPI Comes in as Expected

The US Bureau of Labor Statistics just published the Consumer Price Index data for July, which has essentially matched most expectations, with the regular CPI coming in at 3.3% to 3.4%.

The substantial increase in the CORE CPI of 2.5% was official, given the decline in June due to the decreasing energy costs at the time, which were considered misleading given the brief de-escalation in the Middle East war.

Reports ahead of the CPI release claimed that a modest increase would continue to reduce the chances for a Federal Reserve rate hike in September.

This narrative received further validation at the end of the previous business week when the US jobs report showed a substantial decline in non-farm payrolls, starkly contrasting with market expectations.