The Block Crypto News33 minutes ago

Published on June 11, 2024 11:31 GMT+00:00edited on June 11, 2024 11:34 GMT+00:00

Bitcoin is correlating with cautious equity markets ahead of Tuesday's U.S. Consumer Price Index (CPI) report and a Federal Reserve rate announcement on Wednesday.

The expectation among investors is that the U.S. Federal Reserve does not have much space to maneuver, after much higher May payrolls lowered expectations for the central bank's first rate cut in September. According to the CME's FedWatch tool, interest rate traders are betting the Fed might keep rates on hold until November. The tool indicates a 47% probability that the Fed will maintain rates at their current levels during September's Federal Open Market Committee (FOMC) meeting.

Bitcoin follows equities lower

U.S. stock futures ticked lower ahead of the latest CPI inflation report and June FOMC meeting. Dow Jones …