TL;DR
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Yesterday’s CPI data showed inflation hasn’t increased, giving the market hope that interest rates won’t go up.
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As a result, markets rallied today.
Full Story
Isn’t kinda weird that the cost of hand soap and bananas has effect on your crypto portfolio?
It sounds like a stretch, but it’s true.
The cost of all the stuff we use in our everyday lives is tracked via the Consumer Price Index (CPI).
And CPI data effects everything, not just crypto. We’re talking mortgage/auto/credit payments, house prices, stock markets – the lot!
Here’s how it works:
If price of the stuff we consume goes up, that means we’re experiencing inflation. Too much inflation and the Federal Reserve increases interest rates.
(Rate hikes make all of our varied loan repayments more expensive → forcing us to spend less → forcing businesses to lower their prices → lowering CPI).
The bad news: everyone has been bracing for the latest CPI data to be pretty darn grim (which would lead to increased rates and larger loan repayments).
The good news: that didn’t happen! In fact, yesterday’s CPI data shows that inflation is holding steady, instead of increasing.
The result: there’s a better chance the Federal Reserve will chill the hell out with all of these interest rate hikes – or better yet – reduce them!
In which case we could all spend less on servicing our loans, and more on what’s really important: cryptocurrency.
(Or family or whatever. Idk, shut up.)
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