Svmuu News: U.S. CPI fell 0.4% month-over-month in June, marking the largest monthly decline since April 2020; the year-over-year rate dropped from 4.2% in May to 3.5%, below the expected 3.8%. Core CPI fell to 2.6%, below expectations, and remained flat month-over-month.
Major cryptocurrencies rose following the data release, with BTC climbing from approximately $62,000 to $64,900 and ETH rising 7% to $1,884, while approximately $300 million in short positions were liquidated.
Federal Reserve Chairman Kevin Warsh stated during congressional testimony that the Fed has “zero tolerance” for persistently high inflation; if policy is correct, the rise in inflation over the past five years will be a thing of the past. When asked about the CPI data, he said he did not agree with the assessment that the “job is done” and did not provide guidance on the next policy steps.