U.S. May CPI In Line With Forecasts; Bitcoin Steadies Near $61,000
CoinDesk reported that markets showed no decisive direction after the release of U.S. May inflation data. Headline CPI met expectations, while core CPI was slightly softer than forecast, helping Bitcoin stay around $61,000 and easing near-term selling pressure.
Data from the U.S. Bureau of Labor Statistics showed CPI rose 4.2% year over year in May, up from 3.8% in April. On a monthly basis, CPI increased 0.5%, a modest slowdown from April's 0.6%. While monthly momentum cooled slightly, the annual pace moved higher.
Core CPI, a key gauge for markets, rose 0.2% month over month, below the 0.3% consensus estimate. Year over year, core CPI was 2.9%, in line with expectations and slightly above April's 2.8%. The core reading helped temper pressure on risk-on positioning following the release.
Bitcoin traded around $61,400 after the data, little changed over the past 24 hours. Investors had been concerned that sticky inflation would continue to weigh on risk assets, but the softer core print helped Bitcoin avoid a sharper drop. Holding above $61,000 suggests short-term support remains intact. The data did not spark a meaningful rebound, pointing to cautious positioning as markets wait for clearer inflation and interest-rate signals rather than pricing an early pivot.
Rate expectations were broadly unchanged. Cross-asset moves were restrained: U.S. stock index futures fell after the release, the 10-year U.S. Treasury yield climbed to 4.5% as markets adjusted to higher-for-longer pricing, and WTI crude slipped 1% to $88.
The next Federal Reserve rate meeting is scheduled for June 17. CME FedWatch showed markets were already heavily priced for no change, with the probability of a hold near 98%, and that view remained largely steady after the May CPI report. CoinDesk noted that markets remain cautious in pricing conditions through end-2026 and have not fully reflected a clear path for rate cuts. For Bitcoin, easing core inflation offers short-term support, but headline inflation remains elevated and the macro backdrop is still tight.
