Fed’s Favorite Inflation Gauge Just Hit Its Highest Level Since 2023: What It Means for Bitcoin
The post Fed’s Favorite Inflation Gauge Just Hit Its Highest Level Since 2023: What It Means for Bitcoin appeared on BitcoinEthereumNews.com. April Personal Consumption Expenditures (PCE) inflation matched the 3.8% year-over-year forecast, its highest reading since May 2023. Bitcoin (BTC) slid toward $73,300 as the print pushed the Fed’s preferred gauge further from its 2% target. Core PCE rose 3.3% on the year, also in line with forecasts. Monthly readings came in softer at 0.2%, below the 0.3% estimate and reinforcing the higher-for-longer rate path. PCE Print Confirms Sticky Inflation The Bureau of Economic Analysis released the April Personal Income and Outlays report on Thursday. Headline PCE matched the 3.8% consensus forecast at its highest annual level since May 2023. Core PCE, which excludes food and energy, climbed to 3.3% from a year earlier. The reading sits at its highest level since October 2023 and nearly doubles the Fed’s 2% target. Monthly figures gave doves a small wi