US Inflation Cools in October While Crypto Assets Rally
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Inflation rose 3.2% annually in October, cooling from 3.7% in September and below economists' expectations.
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Bitcoin and Ethereum prices held steady after the inflation data, while Solana rose nearly 5% as investors rotated into higher risk assets.
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The Fed is expected to hold rates steady after its next meeting in December following two pauses in a row.
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Traders now see just a 15% chance of a December hike, down from 29%, and expect rate cuts could start in June 2023.
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U.S. inflation remains far lower than in Argentina, which hit 143% in October, fueling an anti-central bank presidential candidate.