Cryptocurrency
The US Department of Labor has published its annual update on the seasonal adjustment of producer inflation. Accordingly, the change in PPI in the country, which was previously announced as a 0.1 percent decrease for December 2023, was revised as a 0.2 percent decrease. The decrease in PPI data for October and November last year remained at 0.4 percent and 0.1 percent, respectively. Analysts noted that consumer inflation data, which came above expectations on Tuesday, shifted the possibility of the US Federal Reserve (Fed) starting an interest rate cut to the second half of 2024, but that the downward revision in producer and consumer prices in December was a positive development for the decline in rates. Last week in the USA, the increase in the Consumer Price Index (CPI) in December was reduced from 0.3 percent to 0.2 percent. According to the data announced yesterday in the country, the CPI was above market expectations with an increase of 0.3 percent on a monthly basis and 3.1 percent on an annual basis in January. US PPI data for January will be announced on Friday.
Federal Reserve Deputy Chairman for Supervision Michael Barr said higher-than-expected inflation in January showed that the path back to 2 percent inflation “may be bumpy.”
Chicago Fed President Austan Goolsbee said that the possibility of inflation being slightly higher for a few months is compatible with the expectation of a return to the 2 percent target. Goolsbee said that this does not mean that there will be no interest rate cut in 2024.
As the demand for artificial intelligence chips continues to increase, California-based chip manufacturer Nvidia has surpassed Alphabet, followed by Amazon, with a market value of approximately $1.83 trillion.
The UK economy has significantly underperformed compared to other advanced economies since the referendum in 2016, according to new analysis from Goldman Sachs that aims to measure the economic cost of Brexit.
Japan unexpectedly entered a recession at the end of 2023 and lost its title as the world’s third largest economy to Germany.
Oil prices fell for a second day after data showed that US crude oil stocks increased by the most since November and indicators remained in a narrow range this year.
Bitcoin, which retreated slightly after the US inflation data was higher than expected, then continued its rise and exceeded 51 thousand dollars.
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