The Labor Department released a report on Wednesday showing that consumer prices rose 0.3% in March, more than expected but still slower than last year’s rate of 8%. It seems sharp fretful investors may have been right after all when they noticed an alarming trend earlier this month.
The Federal Reserve may be about to change its tune on policy, with many economists now predicting that inflation is nearing a peak.
“Powell said last week that the Fed wasn’t seriously considering a 75bp increase at the next two meetings. After today’s CPI report, it may warrant some consideration,” Jefferies said in a note.
On the cryptocurrency side, Coinbase lost around 40% in two market sessions. One of the top financial minds on Wall Street has thrown his weight behind Coinbase, claiming that there is still an opportunity for long-term investors in this cryptocurrency trading platform.