The cryptocurrency market posted broad gains over the last 24 hours after the latest US Consumer Price Index (CPI) report showed inflation slowed more than economists had expected, boosting hopes that the Federal Reserve could begin easing monetary policy in the coming months. Data released by the US Bureau of Labor Statistics showed annual inflation eased to 3.5% in June, down from 4.2% in May. The reading also came in below the market consensus forecast of 3.8%, marking the first decline in inflation in five months. Meanwhile, core CPI, which excludes the more volatile food and energy categories, fell to 2.6%, beating expectations of 2.8%.
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