The Producer Price Index was up 3.5% year-over-year in January, and higher by 0.4% from December, spurred by a 44% jump in egg prices.
South Korea to Start Lifting Ban on Corporations Trading Crypto
The country restricted institutions from trading crypto in 2017.
US wholesale prices remained high last month, a sign progress on inflation may have stalled
US wholesale inflation remained stubbornly elevated last month, another sign that even higher prices could be ahead for American shoppers.
Tether May Have to Sell Some Bitcoin to Comply With U.S. Stablecoin Rules: JPMorgan
Company data suggests that Tether's reserves are 66% compliant under the STABLE Act and 83% under the GENIUS Act, the report said.
El Salvador Dispatch: Searching for Bitcoin City, the Modern El Dorado
President Nayib Bukele vowed to build Bitcoin City on the Conchagua volcano. CoinDesk went looking for signs of construction.
Apple’s Stock-Market Performance Is Increasingly Made in China
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Russian Oil Tanker Fleet Severely Hobbled by Last Month’s US Sanctions
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OpenSea Confirms Upcoming Token Airdrop, Expands to Crypto Trading
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Rate cut hopes are fading fast as inflation data and record egg prices make ‘very uncomfortable’ reading for Jerome Powell
Data isn’t stacking up for a Fed rate cut, multiple regional presidents have hinted, as January’s CPI report makes for “uncomfortable” reading for Powell.
Fed seen on hold until September, with rising bets on earlier rate cut
(Reuters) -The Federal Reserve will likely wait until September before cutting its policy rate, traders bet on Thursday, as data kept alive worries over elevated inflation and a decline in jobless claims suggested the labor market remains healthy. Even so, the specific elements that drove the 0.4% rise last month in the producer price index -- versus economists' expectation for a 0.3% gain -- gave some reason to expect improvement in the measure that the Fed uses to track inflation. Several analysts crunching the data along with Wednesday's report of a surge in consumer prices in January say they now estimate underlying year-over-year personal consumption expenditure price inflation rose 2.6% or 2.7% in January, down from 2.8% in December.