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Volatility voyage. Crypto markets were strong on the week, with Bitcoin’s close just shy of $52k representing a weekly gain of 10% and a total gain of nearly 35% since the January bottom three and a half weeks ago. What events impacted prices this week?
Risk markets have been rising throughout 2024 on expectations that imminent rate cuts will provide further fuel for risk assets, but hot inflation prints in Tuesday’s consumer price index (CPI) data and Friday’s producer price index (PPI) data called into question whether such cuts can come into effect as soon as the market had priced in, if at all.
BREAKING: January PPI inflation hits 0.9%, above expectations of 0.6%.
Core PPI inflation JUMPED to 2.0%, above expectations of 1.6%.
Both CPI and PPI inflation have come in above expectations in January.
Disinflation seems to be slowing.
Can the Fed really pivot here?
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