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U.S. CPI Inflation Falls to 4.9% in April; Bitcoin Rises Above $28K
The Federal Reserve last week suggested it could pause its long series of rate hikes even as inflation remains well above its 2% target.
The annual U.S. inflation rate slowed to 4.9% in April from 5.0% in March and versus economist forecasts for 5.0%, according to the Bureau of Labor Statistics' (BLS) Consumer Price Index (CPI) report Wednesday morning.
The price of bitcoin rose more than 1% to just above $28,000 in the minutes following the news.
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For the month of April, the CPI rose 0.4% against expectations for 0.4% and versus 0.1% in March.
The core CPI – which strips out food and energy costs – rose 0.40% in April versus forecasts for 0.4% and March's 0.4% advance. The annual core CPI rate in April was 5.5% versus forecasts for 5.5% and March's 5.6%.
At its last meeting earlier in May, the U.S. Federal Reserve's Federal Open Market Committee (FOMC) indicated it's considering at least a pause in its historic run of rate increases that's seen the central bank take the benchmark fed funds rate from about 0% in early 2022 to the current targeted range of 5.0%-5.25%. While that fast pace of rate hikes hasn't succeeded in bringing inflation down to the Fed's 2% target, the central bank also has its eyes on the growing troubles in the U.S. banking system, which has led to the failure of a number of regional lenders, most recently First Republic Bank.
For the moment, traders are betting this morning's very modest moderation in inflation might give the Fed room for easier monetary policy. The U.S. 10-year Treasury yield has declined seven basis points to 3.45% and the 2-year nine basis points to 3.94%.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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