October CPI came in hot at 0.4%, and Bitcoin fell below $74,000.
Its RSI just dropped below 35. After similar drops, Bitcoin was higher two weeks later only 43% of the time, with a negative median return.
It's also closing in on a 63 day low. That has a track record of its own.
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OCTOBER CPI COMES IN HOTTER THAN EXPECTED:
- Headline at 0.4% MoM vs 0.3% expected
- Core at 0.3% MoM vs 0.2% expected
We don’t get YoY because of the government shutdown last year.
Shelter was up and accounted for 30% of the increase.
December rate hike odds now 98.8%.
OCTOBER CPI COMES IN HOTTER THAN EXPECTED:
- Headline at 0.4% MoM vs 0.3% expected
- Core at 0.3% MoM vs 0.2% expected
We don’t get YoY because of the government shutdown last year.
Shelter was up and accounted for 30% of the increase.
October rate hike odds now 98.8%.
OCTOBER NON FARM PAYROLLS:
- 165K jobs vs 70K expected
- 4.1% unemployment rate vs 4.2% expected
Great report, but might make the case for the Fed to hike if they think the labor market being this good is only going to keep inflation sticky.