November Consumer Price Index Meets Economist Forecasts, Bitcoin Price Remains Stable

According to CoinDesk, the Consumer Price Index (CPI) for November met economist forecasts, with headline inflation slipping to 3.1% versus 3.2% a month earlier. Monthly headline CPI was higher by 0.1%, in line with expectations and up from 0.0% in October. The core CPI, which strips out volatile food and energy items, rose 0.3% on a monthly basis versus 0.3% expected and 0.2% in October. Annual core CPI was higher by 4% versus forecasts for 4% and 4% in October.

The price of bitcoin (BTC) was little changed in the minutes following the report, remaining modestly higher for the session at $41,900. Today's inflation data is not likely to swing market participant positioning that the U.S. Federal Reserve will almost assuredly remain on hold at its next two policy meetings, keeping its benchmark fed funds rate at the 5.25%-5.5% range. U.S. stock index futures rose modestly following the data, with the S&P 500 higher by 0.25%. The 10-year Treasury yield was down one basis point at 4.22%.