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Bitcoin (BTC) price gains over 1% after weak inflation data
The steady decline in inflation in 2023 has many, including the US Federal Reserve, going into 2024 expecting significantly looser monetary policy throughout the year. Instead, inflation has actually risen slightly this year. Along with an economy that continues to grow, it has put to rest thoughts of impending central bank rate cuts. Coming into Wednesday’s CPI report, the odds of a summer rate cut by the Fed were low and traders had only priced in a 50% chance of a move in September, according to the report FedWatch tool for ECM.