US inflation rises to 2.9%, far above Fed’s target. Bitcoin is in major trouble
The latest Consumer Price Index (CPI) figures for December have rattled markets, throwing the Federal Reserve’s inflation strategy into question.
The U.S. Department of Labor reported a 0.4% increase in the monthly CPI after seasonal adjustment, overshooting the forecast of 0.3% and the previous value of 0.3%. On an annual basis, inflation climbed to 2.9%, up from 2.7% in November, the highest rate since July 2024.
The Federal Open Market Committee (FOMC) has consistently communicated its intolerance for inflation exceeding the 2% target. While markets had hoped for a pause or even a reversal in rate hikes, these hopes have been dashed. And the crypto market, by all indications, just might be ‘cooked.’
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