This morning's retail sales numbers show an economy still in growth mode, with the Fed certain to resume rate hikes next week. bitcoin has returned to the low end of its recent price range at $29,780. SteveAlpher reports
The price of bitcoin at $29,780 is barely holding above a one-month low as Tuesday morning's economic data confirms the U.S. economy remains in growth mode and traders brace for what's now a near 100% certainty of another Federal Reserve rate hike next week.
On its face, the retail sales report from the U.S. Census Bureau for June showed some weakness, with the headline number rising 0.2% last month versus forecasts for 0.5% and May's 0.5%. However, the retail sales"control group" – which filters out some components to compile a more precise gauge of consumer spending – rose 0.6% in June, more than double May's pace and far ahead of estimates for a decline of 0.3%., chief economist at RSM.
What little doubt about the result of next week's meeting of the Fed's policy-setting Federal Open Market Committee has been essentially fully erased, with traders now pricing in a 97.3% chance of another 25 basis point rate hike,Bitcoin, which appeared set for a major upside price breakout when it rallied as high as $31,800 last Thursday in wake of the
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