Bitcoin Yawns As Fed’s Favorite Inflation Gauge Eases 

Bitcoin Magazine Bitcoin Yawns As Fed’s Favorite Inflation Gauge Eases  Bitcoin’s price dipped slightly before remaining mostly steady after data on Wednesday showed that U.S.

inflation was subdued.  The price of the largest cryptocurrency recently stood at $63,863, mostly unmoved over a 24-hour period.

Over the past week, Bitcoin is also flat.  The core consumer price index, which excludes often-volatile food and energy categories, rose 0.2% from a month earlier and increased 2.5% from a year earlier — the slowest pace since March 2021.

Energy and gas prices fell for a second month and grocery prices dropped for the first time since March, according to the print.  The news takes the pressure off Federal Reserve Chairman Kevin Warsh to raise interest rates in September.  Softer inflation data eases the path toward rate cuts, and lower rates reduce the opportunity cost of holding an asset that pays no yield.