Crypto Market Responds as Fed’s Preferred Inflation Data Stalls
The crypto market is currently under selling pressure, with the majority of crypto assets down as investors consider newly released economic data that provides insights into the health of the U.S. economy, in particular, the personal consumption expenditures price index for March, the Federal Reserve’s preferred inflation gauge.
Consumer spending increased 0.7% last month after accounting for inflation, according to Bureau of Economic Analysis statistics released on Wednesday. Meanwhile, the Federal Reserve’s favored inflation index, the personal consumption expenditures price index, remained unchanged from a month ago for the first time in nearly…
