The Consumer Price Index (CPI) increased by 0.1% month-over-month in July from the previous month, matching economists’ forecasts for a 0.1% rise and contrasting with June’s 0.4% decline. Year-over-year CPI rose to 3.4%, aligning with expectations but slightly lower than June’s 3.5%. Core CPI, excluding food and energy, also edged down from its previous month with an unchanged 0.2% increase in July, consistent with forecasts for no change from the June reading. The year-over-year core CPI stood at 2.5%, below June’s figure of 2.6%.
Bitcoin temporarily fell from $64,400 to near $64,080 but stabilized there. Nasdaq 100 futures rose by 0.7%. Treasury yields remained under pressure and continued the pre-CPI weakness trend; the two-year yield dropped to 4.19% (a decrease of 3.6 basis points) while the ten-year yield stood at 4.66%, also dropping three basis points.
The July CPI report held added significance, as it followed a disappointing U.S. employment report revealing job losses of 23,000 in July.
Written by James Tobias
Bitcoin Desk
