US Inflation Flat in May, Bitcoin Jumps to $69,400
The U.S. Consumer Price Index (CPI) remained unchanged in May, surpassing economist predictions of a 0.1% increase and down from April's 0.3%. On a year-over-year basis, CPI rose by 3.3%, lower than analyst forecasts and the previous month's reading at 3.4%. The core CPI, which excludes food and energy costs, increased by 0.2% in May, better than expected, and versus 0.3% in April. Bitcoin (BTC) reacted positively to the low inflation rate, rising to $69,400, up by almost 4% in the past 24 hours. The Fed's "dot plot" projection of interest rates by the Federal Market Open Committee members, to be released later today, could impact asset prices.
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