US CPI Report Shows Encouraging Signs, But Market Volatility Persists
On April 12th, 2023, the US Consumer Price Index (CPI) for April was announced, showing a 5.0% increase compared to the previous year. This is lower than the anticipated 5.2%, but still far from the Federal Reserve's 2% target. Nonetheless, it is the first time since September 2021 that the CPI has come in at 5.0%, which is quite encouraging.
A month-over-month chart shows a gradual downward trend. However, it is still premature to expect cryptocurrencies or stocks to move in a single direction. The core CPI rose 5.6% year-over-year, higher than February's CPI. Bloomberg points out that this is the first time in two years that the core CPI's growth rate has exceeded the overall CPI growth rate, indicating persistent high inflation.
These announcements can create a sense of unease in the market, even though they contain well-known information. Bitcoin's price fluctuated before and after the US CPI announcement, demonstrating enough volatility for high-leverage futures traders to face liquidation. During major economic announcements such as CPI or FOMC interest rate decisions, it is prudent to observe rather than trade. As prices tend to return to their original levels, placing a buy order at the initial position can provide peace of mind and a good night's sleep.
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