Bitcoin prices surged past $114,000 in the last 24 hours, fueled by a decline in producer price inflation (PPI) that fell lower than forecasts. This data suggests reduced inflationary pressure within the supply chain, which could potentially allow the US Federal Reserve to consider cutting interest rates. The move is significant as it reversed yesterday’s dip following adjusted employment numbers. 🚨US PPI & Core PPI Data Just Released.🇺🇸
➡️PPI (MoM)
🔴Previous: 0.9%
🔴Forecast: 0.3%
🟢Actual: 0.1%
➡️PPI (YoY)
🔴Previous: 3.3%
🔴Forecast: 3.3%
🟢Actual: 2.6%
PPA data came in far below expectations, leading some analysts to question if the Fed will be able to cut rates at all.