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Biden-McCarthy Debt Ceiling Deal To Finalize Today; PCE Inflation Rises To 4.7% – Crypto News
US President Joe Biden and Republicans led by Kevin McCarthy expect to reach a deal on the debt ceiling limit on Friday. Biden and McCarthy agreed to raise the debt ceiling for two years and will finalize the deal as US Treasury Dept funds dropped further and rating agencies warned of a negative rating.
Investors are also considering the PCE core inflation data for April, which is US Federal Reserve’s preferred gauge to measure inflation. Core PCE inflation rises to 4.7%against market expectations of 4.6%.
US Debt Ceiling Deal Almost Complete
US President Joe Biden and Republican Kevin McCarthy reached bipartisanship to raise the US government’s $31.4 trillion debt ceiling for two years and cap spending on everything except military and veterans. The deal is expected to complete on Friday, May 26.
The White House is scrapping its plan to boost funding for the Internal Revenue Service (IRS). Interestingly, health and retirement programs that push US debt levels higher are not impacted.
Meanwhile, the US Treasury Department plans to cover expenses for another week by selling $119 billion worth of debt. The move comes as credit rating agencies such as Fitch put US credit on negative watch.
US Treasury yields and the US Dollar Index (DXY) fell on Friday as investors await key PCE core inflation data that will cause Federal Reserve interest rate policy and debt ceiling deal talks to continue.
Bitcoin price moves in the opposite direction to Treasury yields and the US dollar. The DXY fell below 104 in the past 24hrs to a 24-hour low of 103.85.
Also Read: Binance Ceases Australian Dollar (AUD) Trading Pairs For Bitcoin And Other Crypto
US PCE Inflation Rises
The US Core PCE inflation rises 0.4% month-over-month in April, above the expected 0.3%. The Federal Reserve’s preferred gauge to measure inflation, the annual core PCE prices jumped to 4.7% as compared to market expectations of 4.6%.
It has opened room for the Fed to raise interest rates at the June FOMC meeting as inflation rises and the jobs market also remains tight.
Bitcoin price started falling in response to the rise in core inflation. btc price fell to $26,382, with other cryptos following suit for a broader market selloff.
Also Read: Ethereum Balance On Crypto Exchanges At 5-Yr Low; Can ETH Price Crash To $1400?
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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