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Bitcoin bulls stampede following soft US CPI, BTC gains 7.75% to hit $66,420
Financial markets trended higher on Wednesday afternoon after a soft Consumer Price Index (CPI) reading boosted investor expectations for an interest rate cut and signaled to traders that it was a good time to jump back into the markets. While the CPI was in line with expectations, the fact that the past four months saw higher-than-expected inflation readings was a positive sign for investors and sparked new bets that a Fed rate cut could come as soon as September. The CME FedWatch tool shows that around 73% of traders now expect at least one cut by the September reading. As a result of the bullishness brought about ... (full story)