U.S. CPI in March was higher than expected, and interest rate cut in June was shattered! Bitcoin and Ethereum pulled sharply after a brief decline

The United States announced unexpected March CPI data last night (10th), causing all four major U.S. stock indexes to fall. However, Bitcoin and Ethereum both turned positive after a brief decline.

The U.S. Department of Labor released the latest CPI (Consumer Price Index) data last night (10th), which showed that the annual increase in U.S. CPI in March reached 3.5%, which was not only higher than the 3.2% annual increase in the previous month, but also higher than market expectations. 3.4%, indicating that inflation remains stubborn.

June interest rate cut expectations plummet to 20.6%

After the release of higher-than-expected CPI data, according to the CME Group's FedWatch tool, the current market expectations for a U.S. interest rate cut in June have dropped sharply from the previous 56.1% to 20.6%, and it is believed that the U.S. Federal Reserve will continue to maintain interest rates in June. The probability of standing still has also increased from 42.6% to 79%.

In addition, traders' expectations for the number of possible interest rate cuts by the US Federal Reserve (Fed) have also changed from the previous three to the current two. The time for the Fed's interest rate cut, which was fully digested by the financial swap market, was even postponed from September to November.

The four major U.S. stock indexes collectively fell

Affected by this news, the four major U.S. stock indexes also fell collectively:

The Dow Jones Industrial Average fell 422.16 points, or 1.09%, to close at 38,461.51 points.

The Nasdaq fell 136.28 points, or 0.84%, to close at 16,170.36 points.

The S&P 500 index fell 49.27 points, or 0.95%, to close at 5,160.64 points.

The Philadelphia Semiconductor Index fell 80.46 points, or 1.65%, to close at 4,790.35 points.

Bitcoin and Ethereum pulled sharply after a brief decline

Returning to the field of cryptocurrency, Bitcoin quickly fell by 2% to US$67,518 after the news was announced at 20:30 last night. However, it then started to rise in shock. It once stood at US$71,000 at around 6:00 this morning (11th), and was close to US$71,000. In 24 hours, it bucked the trend and rose by 2.6%, showing amazing resilience.

Ethereum and Bitcoin have the same trend. After reaching a low of $3,411 last night, as of this writing, it has rebounded to $3,530, an increase of nearly 1% in the past 24 hours.