#CPI数据来袭

CPI Cooling Has Not Changed the Fluctuation Pattern, Bitcoin Holds Key Support

The latest U.S. CPI data for May shows a month-on-month increase of 0.1% and a year-on-year increase of 2.4%, with core CPI at a year-on-year rate of 2.8%, all below market expectations, reflecting a continued moderate decline in inflation. After the data was released, the market reacted significantly: U.S. Treasury yields fell, the dollar weakened, gold prices rose, and risk assets received a short-term boost. However, the response from cryptocurrency assets was relatively mild, indicating that the market has partially priced in expectations of slowing inflation.

Although the data is favorable for easing expectations, the Federal Reserve is likely to maintain interest rates at the upcoming rate meeting. Analysts generally believe that the rate cut window may be pushed back until after September. Due to the uncertainty of policy, the market's willingness to go long is still constrained.

In addition, there are new developments in industry dynamics. Société Générale announced that it will issue a dollar stablecoin in July, while the G7 summit will also discuss multinational regulatory cooperation on cryptocurrency assets. The ongoing involvement of traditional finance and regulatory agencies is pushing the cryptocurrency industry towards compliance and institutionalization, laying the foundation for its medium to long-term development.