What cooler PCE inflation means for bitcoin and crypto

00:00 Scott Melker

PCE, the Fed's favorite inflation gauge came in surprisingly soft, meaning that apparently the inflation worries are now over. Bitcoin and all markets can go up and everything is hunky Dory. It's obviously not that simple. We're going to dive into that and everything else in the crypto news that is driving markets right now on the Daily Wolf. Let's go.

00:23 Scott Melker

What is up everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host, Scott Melker, also known sometimes occasionally as the Wolf of All Streets. That coincidentally is the name of my podcast that you should be listening to on YouTube and all audio channels every single day live at 9:00 a.m. Eastern Standard Time. So, today is a really big day in macro news because we got good inflation numbers, good.

00:59 Scott Melker

Fed's favorite inflation gauge cooled in August, but remained elevated. So here's the numbers before we dive into what it means. Every major PC reading came in cooler than expected.

01:17 Scott Melker

Right after we hyped rates. Headline, 0.3% monthly versus 0.4% expected. Headline annual, 3.4% versus 3.7% expected. That's a big one. Core, 0.2 monthly versus 0.3% expected. Core annual, 3% versus 3.3% expected. That is a big drop. So, of course, the minute that this came out,