Wall Street is seeing a decline on the Dow Jones Industrial Average, as they mull over the release of Personal Consumption Expenditures (PCE) inflation data.
In the world of finance and economics, July was a month filled with significant developments. Here's a roundup of some key points to keep you informed.
The Commerce Department took a step into the future by making its data available on the blockchain. This move is seen as a step towards greater transparency and efficiency in data sharing.
In the realm of cryptocurrencies, both Bitcoin and Ethereum saw fluctuations in their prices. Bitcoin hovered around the impressive figure of $110,000, while Ethereum remained steadfast around $4,400.
The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, held steady in July. However, the core PCE, which excludes volatile food and energy sectors, showed a rise of 2.9%, marking the highest increase since February. This suggests that underlying inflation pressures are on the rise. The review of the PCE index was conducted by the Bureau of Economic Analysis, with the Federal Reserve also involved in related monetary policy reviews and research around this period.
The S&P 500 is on track for a 2% uptick and a monthly close above 6,400 in August. This positive outlook is backed by analysts who have recently lifted their targets for the S&P 500 in 2025 and 2026.
Interestingly, Wall Street is betting on a Fed rate cut in September. This anticipation could be a response to the ongoing economic recovery and the need for continued monetary support.
Lastly, analysts predict Bitcoin's price could top $1m, thanks to increasing institutional adoption. This prediction underscores the growing recognition and acceptance of cryptocurrencies in the mainstream financial world.
As always, it's important to stay informed and keep an eye on these trends as they continue to unfold.
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