Bitcoin price slips to $69.5K after US CPI meets forecasts
CPI +0.3% m/m, +2.4% y/y matched forecasts, keeping a March and April Fed hold in play. Bitcoin was near $69,500; the 10-year yield was 4.18% and WTI crude $87.
A Bureau of Labor Statistics report showed consumer prices up 0.3% in February from the prior month and 2.4% from a year earlier, matching forecasts. Futures pricing pointed to no change in the federal funds rate at the March 18 meeting and low odds of a move in April.
Core CPI, which excludes food and energy, rose 0.2% in February after a 0.3% increase in January. The core index was up 2.5% year over year, unchanged from January.
Heading into the release, the CME FedWatch tool assigned a 99% probability that rates would remain unchanged at next week’s meeting. For April, the probability of a rate cut stood at 11%, down from 21% a month earlier.
Markets shifted modestly after the data. Bitcoin traded near $69,500, about 1.7% lower over the past 24 hours. U.S. stock index futures were slightly lower, the 10-year Treasury yield edged up to 4.18%, and West Texas Intermediate crude reached $87 a barrel, up 4.2%.
The February CPI report covers conditions before recent events, including the conflict in Iran and higher oil prices. The Federal Reserve is scheduled to announce its next policy decision on March 18.
In digital assets beyond Bitcoin, trading was mixed. Internet Computer and Fetch.ai advanced, while several other altcoins eased.
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