The U.S. Bureau of Labor Statistics released the much-awaited Consumer Price Index (CPI) inflation data for February, which showed that US inflation comes in hotter at 3.2%. The crypto and stock market investors worried as they looked for further cues on Fed rate cuts.
After a shocking hotter CPI inflation last month of 3.1%, the probability of Fed rate cuts was pushed to June, with experts even predicting rate cuts starting in September. The CME FedWatch data indicates over 60% odds of 25 bps rate cuts in June and a further 25 bps rate cut in July.
US CPI Comes in Hot in February
The US annual inflation rate in the US came in at 3.2%, against the expected 3.1%, higher than January’s figures and maintaining levels not seen since 2021. However, consumer prices increased by 0.4% from the previous month, a slight uptick from 0.3%, primarily driven by a surge in gasoline prices.
Meanwhile, annual core CPI inflation further slowed to 3.8%, down from 3.9% last month, but higher than expect
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