Elon Musk's latest name change on X fuels more memecoin pump-and-dumps

Odaily Planet Daily News: Interest rate futures traders currently expect the Federal Reserve to cut interest rates by only 26 basis points until December, lower than the pre data release of about 37 basis points, which means there will only be one 25 basis point rate cut this year. (Golden Ten)

Michael Brown, an analyst at Pepperstone, stated that the likelihood of a rate cut in the first half of 2025 is currently low. He said, "For the Federal Open Market Committee, the January US CPI data will be a severe data, although it is likely to be affected by one-time factors, such as the typical large price increases that often occur at the beginning of the year. Given that these data indicate that progress in curbing inflation has stalled, the possibility of a longer pause in the easing cycle has now increased

The annual inflation rate of the United States unexpectedly rose to 3% in January. Economists expected that the inflation rate would stabilize at the level of 2.9% in December last year, which supported the reason for the Federal Reserve to slowly push forward interest rate cuts and hit the stock market and treasury bond. The month on month growth rate in January also exceeded expectations, at 0.5%, higher than the expected 0.3%. After the data was released, treasury bond and stock futures were sold off sharply. The yield of two-year US treasury bond bonds closely related to interest rate expectations jumped to 4.37%. The S&P 500 index futures and Nasdaq futures both fell by over 1%. (Golden Ten)

Odaily Planet Daily News: After the unexpected rise in US CPI in January, bonds were heavily sold off. The yield of SOFR futures rose by as much as 9 basis points during the day and remained relatively stable before the data was released. Currently, the US dollar is soaring, stock index futures are plummeting, and the yield curve is flattening. (Golden Ten)

U.S. inflation unexpectedly marched higher in January, sending crypto and traditional markets sharply lower.The closely-watched Consumer Price Index (CPI) rose 0.5% in January versus an expected 0.3% and December's 0.4% pace. On a year-over-year basis, CPI was higher by 3.0% against forecasts for 2.9% and 2.9% in December.See all newslettersThe so-called core CPI, which excludes food and energy costs, rose 0.4% in January versus an expected 0.3% and 0.2% the previous month. Year-over-year, core CPI was higher by 3.3% versus 3.1% expected and 3.2% in December.Already trading in downward trend this week, the price of bitcoin (BTC) fell sharply in the moments following the disappointing report, slumping below the $95,000 level.After bursting through $100,000 shortly following the election victory of Donald Trump in November, bitcoin has traded rangebound between $90,000 and $109,000 over what's now been more than two months. Artificial intelligence (AI)-driven China concerns, the threat of trade wars, and higher than hoped interest rates due to continued strength in the economy and inflation have all been among the factors tempering prices.Testifying before Congress yesterday, Federal Reserve Chairman Jay Powell reiterated that additional central bank rate cuts are likely to be off the table for the foreseeable future, barring unexpected downturns in either the economy or inflation.