The US Consumer Price Index rose 0.4% in October from the previous month, above economists’ 0.3% forecast but below September’s 0.6% increase, according to the Bureau of Labor Statistics. Core inflation rose 0.3%, above the expected 0.2%. The excerpt does not give a date for the October report.
Crypto industry experts warned that higher inflation could lead to another Federal Reserve rate hike, raising borrowing costs and potentially discouraging crypto investment; no new hike was announced. Fed Governor Christopher Waller said another core inflation reading of 0.3% or higher could warrant considering a half-point hike in December. CME FedWatch data cited in the excerpt put the chance of a quarter-point December hike at 88.3% and a half-point hike at 11.7%.
