The U.S. Labor Department has released the much-awaited U.S. Consumer Price Index (CPI) data for October, which showed that the U.S. inflation rose 3.2% at an annual rate, as compared to the market anticipation of a 3.3% surge. Meanwhile, the decline in the U.S. CPI in October, after advancing at a pace of 3.7% in September, suggested that the inflation is cooling due to the aggressive stance of the U.S. Federal Reserve.
The crypto market was eagerly waiting for the CPI data, as it could set the future stage for the central bank to decide their next stance with the policy rates. However, the cooling inflation seems to have allayed some concerns of the market participants, as the Federal Reserve might consider a dovish stance given the declining inflation.
US Core CPI Soars 4% In October
The latest data showed that the U.S. Core inflation, which excludes food and energy prices, jumped at a rate of 4% YoY, down from the market expectation of 4.1%. On a monthly basis, the Core CPI advance
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