US inflation generally fell in June, boosting expectations for interest rate cuts

According to Jinshi Data on 11 July, inflation in the United States generally cooled in June, further boosting the confidence of Federal Reserve officials that the Fed may cut interest rates soon. Data from the U.S. Bureau of Labor Statistics showed that the core CPI (excluding food and energy costs) rose 0.1% from May, the smallest increase since August 2021.

Data released on Thursday showed that the indicator rose 3.3% year-on-year, also the lowest increase in more than three years. Economists believe that core indicators are more reflective of potential inflation than overall CPI. Dragged down by falling petrol prices, the overall CPI indicator fell 0.1% from the previous month and 3% from the same period last year, the first decline since the outbreak of the COVID-19 pandemic.

Affected by this news, Bitcoin rose in the short term, once touching $59,650.