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U.S. inflation data gave the market a mixed bag today, with the core monthly reading coming in hotter than economists had penciled in, but with most numbers generally in line with expectations.
Bitcoin initially dipped on the news, but has since bounced back and is once again nearing $79,000, as the broader market digests what it means for the Federal Reserve's forthcoming decision on interest rates next week.
The Consumer Price Index rose 3.4% year over year and 0.4% month over month, both in line with consensus, according to Bureau of Labor Statistics data released Friday. It's the same annual rate posted in July.
Core CPI, which strips out food and energy, told a mixed story. The annual core rate cooled to 2.4% from July's 2.5%, its lowest level since 2021. But the monthly core reading came in at 0.3%, hotter than the 0.2% analysts expected, the detail markets zeroed in on.