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9.1% Inflation

Author: Jeffrey Craig Date: July 14, 2022


Main Takeaway: US Inflation Numbers Surprise To The Upside

US monthly CPI numbers came out on Wednesday morning at 8:30 AM ET and shocked everyone with an even higher number than median forecasts of 8.8% – with an official 9.1% m-o-m. This number is the highest it’s been since 1981.

As a result, the markets tanked on the news, with crypto falling 5% as well. But by the end of the US stock trading day, the top crypto coins recovered about 2%. So in summary, there was a selloff, but then it rebounded strongly.

The Fed’s next meeting is on the 27th, so the markets are now starting to anticipate a 100 bps rate hike. This may signal potential downside for the coming two weeks.

FOMC Rate Hike Probability(Source: Charlie Bilello)

Key Stories: Celsius Files Chapter 11 Bankruptcy

After paying off its DeFi loans to Compound, Aave, and Maker, as anticipated, Celsius filed for Chapter 11 bankruptcy. What’s left to be seen is what will happen to the depositors who have assets locked up on the lending platform.

Today’s Top Gainers

The top gainers on Phemex d-o-d are Cratos Traction (CRTS/USDT), Beta Finance (BETA/USDT), (PERL/USDT), Ethernity (ERN/USDT), and Voyager Token (VGX/USDT).

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