Markets Rally Ahead Of Fed As US Inflation Cools
Bitcoin and Ether Surge To 4-Week Highs
By: yyctrader • Loading...
Markets![Markets Rally Ahead Of Fed As US Inflation Cools](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F991e2b431b6d966cd85ae6540ca065f5adcea0c1-880x495.jpg&w=828&q=75)
With all eyes on the Federal Reserve ahead of tomorrow’s crucial decision on interest rates, investors breathed a sigh of relief Tuesday after U.S. inflation numbers came in below expectations.
Consumer prices rose at an annualized 7.1% in November, according to the Bureau of Labor Statistics. That was well below the 7.3% analysts anticipated, and the 7.7% recorded in October.
Month-on-month inflation came in at 0.1%, and the Core CPI, which excludes food and energy due to their volatility, was an annualized 6%.
The S&P 500 and Nasdaq rallied more than 2% in midday trading Eastern Time before giving up some ground. Bitcoin and Ether climbed more than 3% and hit their highest levels since Nov. 10.
![the-defiant](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fe1ece0b02169cfb67fd1b15d52faf33d5f6afa87-2200x1216.png&w=828&q=100)
Investors are hoping cooling inflation will prompt the U.S. central bank to ease up on future rate increases. Despite the data, the probability of a 0.5% hike tomorrow remains around 80%, according to CME FedWatch.
![the-defiant](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F075d7799b2f6c3c96029609fd351de847bf2818c-1277x483.png&w=828&q=100)
Target Rate Probabilities – CME FedWatch
Top Gainers
Liquid staking giant Lido, layer 2 rollup Optimism, and layer 1 blockchain Avalanche are among the day’s best performers, each up around 10%
Decentralized derivatives protocols GMX and Gains Network (GNS) are up 50% and 30%, respectively, in the past 30 days. The total value locked (TVL) on GMX has crossed $900M for the first time.
FTX’s collapse and the prevailing negative sentiment around centralized exchanges may be spurring traders to consider alternative platforms.
![Feds Accuse SBF of Plundering 'Billions' in Client Assets to Save Alameda](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F0a802e56c8ae0f8e61fe0ecf81e5db45394c5427-880x495.jpg&w=828&q=75)
Feds Accuse SBF of Plundering 'Billions' in Client Assets to Save Alameda
Bankman-Fried Charged with Fraud and Conspiracy by Three U.S. Authorities
![The Defiant](/_next/image?url=%2Ffavicon.png&w=64&q=75)
Advertisement
The Defiant Daily
“an industry must-read”
Get an edge in Crypto with our free daily newsletter
Know what matters in Crypto and Web3 with The Defiant Daily newsletter, Mon to Fri
90k+ Defiers informed every day. Unsubscribe anytime.