Bitcoin traded sharply down today following U.S. consumer spending data.
Core PCE came in at 0.6% month-on-month.Bitcoin traded down following consumer spending data in the U.S.
Core personal consumer expenditures month-on-month was 0.6%, above estimates of 0.5%, and meanwhile the annual change in PCE was 6.2% in August, higher than estimates of 6%. Bitcoin was trading at $19,301, down 1.2% in the past hour, according toThe PCE index is a measure of the price people living in the U.S. pay for goods and services, or those buying on behalf of others. The index is typically used as a means of capturing inflation, or deflation, across a range of consumer goods.
It can also reflect changes in consumer behavior, giving a more comprehensive overview of the inflation picture than the consumer price index .© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Adam Morgan is The Block's markets reporter.
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