US CPI is lower than expected

US CPI is lower than expected

by Tiffany Wang, WOO X Analyst

The April 2024 US Consumer Price Index (CPI) report is lower than expected, with an increase of 0.3% month-over-month (MoM) and 3.4% year-over-year (YoY). Inflation eased as smaller gains in services, such as food services, offset continued strong rises in rent and gasoline prices. While the path to the Federal Reserve's 2% target is not yet complete, progress is evident. The stock market showed a positive reaction after the data was printed.

Crypto and blockchain events this week

Event

Dates

Country

Event link

ePay Summit

21 May

United Kingdom

ePay Summit

London Blockchain Conference

21 May

United Kingdom

London Blockchain Conference

Finovate Spring

21 May

United States

Finovate Spring

Digital Transformation In Insurance

22 May

United Kingdom

Digital Transformation In Insurance

Gitex Africa

22 May

Morocco

Gitex Africa

NexTech Week Tokyo 2024

22 May

Japan

NexTech Week Tokyo 2024

Latitude59

22 May

Estonia

Latitude59

Traders Fair Philippines

25 May

Philippines

Traders Fair Philippines

From WOO X Research: A sustained value above $65,000 could suggest bullish activity

The US CPI data triggered expectations of a cut in interest rates by the Federal Reserve in September and December, causing BTC to surge by 7.5% and reach a top of $66,666. A sustained value above $65,000 could suggest bullish activity, and surpassing $68,000 might demonstrate an upward trend. The market movement following this BTC breakout remains under scrutiny.

Read more on WOO X Research

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