US Core PCE Rises 0.2%, Consumer Spending Soars in August

The US Core PCE price index rose 0.2% in August, coming in cooler than expected. The overall personal consumption expenditures price index increased 0.3% from the previous month. Simultaneously, US consumer spending grew at its fastest pace in over a year, supporting the economy despite persistent inflation. This cooler inflation data propelled risk-on markets upward, contributing to the Bitcoin price surpassing $85K as investors reacted positively to the latest economic indicators from the Federal Reserve.