Sweet, sweet, market relief!
Ever woken up thinking you have to work, only to realize you have the day off?
This feels like that - sweet merciful relief!
The Consumer Price Index (CPI) just came in and it was better than expected.
For those of you playing at home:
The CPI is generated by taking a bunch of everyday items that make up the average person's cost of living, and seeing how much their total cost has increased or decreased over the past year.
The Federal Reserve expected the CPI to have increased 8.2% over the past year, but instead it came in at 7.7%.
Which indicates inflation is slowing → which means The Fed might stop hiking interest rates and making everyone's credit and loan repayments so dang expensive → which means our disposable income will stop being eaten away → which means we'll all have more money to invest.
As a result, the crypto markets have seen some much needed relief.
Bitcoin is up at ~$17.8K, from its weekly low of ~$15.7K - while Ethereum bounced back from ~$1K to ~$1.3K.
(All told, the entire crypto market has regained ~$100B in the past 24hrs).
This isn't a magic cure for the market's woes - things are definitely still rocky...
But Christ, does it feel good to be the bearers of good news again!
