US Macro Update. Final Numbers Come in Normally
Key data related to the USD has been released. This is the real picture.
Final GDP q/q Actual 4.4 percent
Forecast 4.3 percent
The US economy was stronger than expected. Growth flow is still intact. This provides support to the USD and could delay rate cuts.
Unemployment Claims Actual 200K
Forecast 209K
Claims are declining. The job market is still strong. There is no pressure on the Fed to ease policy soon.
Final GDP Price Index q/q Actual 3.8 percent
Forecast 3.8 percent
Inflation within GDP remained unchanged. Inflation has not decreased, it is just stable. Policy remains tight.
Core PCE Price Index m/m Actual 0.2 percent
Forecast 0.2 percent
The Fed's most important inflation indicator is exactly as expected. Inflation is gradually cooling, but remains stubborn.
Simple summary: Growth is strong.
Jobs are strong.
Inflation is stable but not low.
The USD may remain strong in the short term. This means patience is crucial for crypto. A strong rally requires either weak inflation or jobs.
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