Hot inflation data pours cold water on Federal Reserve rate cut hopes

CoinDesk Staff

(12:47 PM UTC)

1 min read

Bitcoin was trading at $80,814 following the news, down 1.2% over the past 24 hours.

U.S. inflation data came in hotter than expected on Wednesday, reinforcing expectations that the Federal Reserve will keep interest rates steady at 350-375bps not only at its June 17 meeting, but also likely through the end of the year.

The Consumer Price Index (CPI) year-over-year rose 3.8% in April, according…

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