Inflation Cools, Oil Spikes, Bitcoin Climbs: A Volatile Thursday
Oil surged and Bitcoin broke higher in Thursday's session, two moves that had the same driver and pulled markets in opposite directions. The June Consumer Price Index, released by the Bureau of Labor Statistics, showed headline inflation cooling to 3.5% year-over-year, down from 4.2% in May. That single print repriced the Federal Reserve's July meeting, with market-implied odds of a hike dropping from 35% to just 10%, per Reuters. But the same Middle East tensions keeping oil bid are a reminder that the inflation story is not finished. Key Takeaways Bitcoin climbed to $65,243 on Thursday, a 1.15% gain per Bitcoin.com, with the year-to-date high near $67,000 now in range. WTI crude rose 1.71%…
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