The U.S. consumer price index excluding food and energy rose 0.3% in August from the previous month, above expectations, increasing the likelihood of tighter monetary policy from the Federal Reserve. Traders see an 85% probability that interest rates will be higher after the Fed’s next meeting. In the short term, this could keep Bitcoin below $80,000. However, the expanded U.S. Treasury bond buyback program has failed to materially reduce long-term yields, which could force Treasury Secretary Scott Bessent to adopt a much larger buying program and support the currency debasement narrative that benefits Bitcoin and gold over the medium term.
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