The July Personal Consumption Expenditures (PCE) price index has shown a monthly increase of 0.2%, resulting in an annual rate of 3.7%, slightly above the expected 3.6%. The Core PCE index, which excludes food and energy prices, also rose by 0.2% month-over-month, holding steady at 3.3% year-on-year, aligning with forecasts. A key measure monitored by Fed Chair Kevin Warsh, the Dallas Fed’s trimmed mean PCE, remains at 2.3% annually, indicating persistent inflation levels that may influence future Federal Reserve rate policies.
In the cryptocurrency market, Bitcoin has experienced a resurgence, trading at approximately $78,200—up nearly 25% since August 15. This uptick is attributed to political developments concerning regulatory frameworks and a significant increase in Treasury bond buybacks, leading to around $3 billion in liquidations of short positions in Bitcoin. Analysts suggest cautious buying as Bitcoin briefly reclaimed its 200-day moving average, a potential indicator of a market trend reversal.
In precious metals, gold has seen a rise of about 9% since June 15, while the gold/silver ratio has stretched to about 67.5, suggesting potential upward movement for silver. Analysts advise considering silver as its demand might increase from both industrial use in future technologies and traditional monetary roles.
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