The US Consumer Price Index (CPI) data, which was normally due to be released on October 15, could not be released due to the government shutdown.
The delayed CPI data will be released today, October 24th, and the world is waiting for US inflation figures. These figures are expected to provide further clues regarding the Fed’s meeting next week.
Meanwhile, the US government remains closed. Republicans and Democrats are still unable to reach a budget agreement, and the interim budget bill, on its 12th vote in the US Senate, fell short of the 60 votes needed for passage.
The US government shutdown further complicates matters. The ongoing government shutdown restricts access to critical data released by public institutions and makes it difficult to formulate forecasts regarding the Fed’s interest rate policy.
Although data is limited, 96.7% of the Fed is pricing in a 25 basis point cut in its decision to be announced next week, while only 3.3% predict that interest rates will remain unchanged.
Here is the data disclosed:
Consumer Price Index Annual: Announced 3.0% – Expected 3.1% – Previous 2.9%
Consumer Price Index Monthly: Announced 0.3% – Expected 0.4% – Previous 0.4%
Core Consumer Price Index Annual: Announced 3.0% – Expected 3.1% – Previous 3.1%
Core Consumer Price Index Monthly: Announced 0.2% – Expected 0.3% – Previous 0.3%
The consumer price index is an important variable used to measure consumer purchasing trends and U.S. inflation changes.
Bitcoin’s First Reaction After CPI Data!
*This is not investment advice.