Earlier today, the United States Consumer Price Index December release came in at just over 7%. By many estimates, December may be the month where inflation peaks. If December is not the peak, then it most likely occurs in Q1. As for 2022, we expect inflation to remain elevated but slow down.
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| Crypto Chart |
In response to Wall Street's expectations for a higher CPI number, risk assets like bitcoin rose. The Federal Reserve Board's monetary tightening policy may accelerate if inflation increases more than expected.
After the release of the CPI reading, the DXY, which measures the dollar's strength relative to other fiat currencies, fell sharply.
The dollar and bitcoin have been at odds for most of the last two years, and a falling DXY is believed to have aided bitcoin's recent rise.
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