Bitcoin Falls as Hot Inflation Puts a Fed Hike Back on the Table

Bitcoin prices declined as September CPI hit 3.7%, exceeding market forecasts. This hotter-than-expected inflation caused US Treasuries to slump and pushed Treasury yields higher, dragging cryptocurrency and stocks down. Consequently, traders increased wagers that Federal Reserve officials will raise interest rates later this month and into next year. David Rosenberg of Rosenberg Research and Jim Bianco of Bianco Research provided reactions to the CPI data, which has put further Fed rate hikes back on the table.