Headline PCE inflation rose 3.8% in April from a year earlier, its hottest pace in two years and nearly double the Federal Reserve’s 2% goal, while core PCE held at 3.3%, its highest reading since October 2023.
The monthly numbers ran cooler, with core easing to 0.2% against the 0.3% economists had expected.
Bitcoin saw that combination of numbers as a problem, sliding toward $73,300 in the hours after Thursday’s release and hovering near $73,000 through the weekend, down roughly 30% across the past year.
The PCE inflation report brought enough monthly relief to keep the rate-cut rate going, and enough annual heat to keep liquidity scarce. What makes this report land harder than most is the timing, since it’s the first major inflation spike of Kevin Warsh’s tenure as Fed chair, a job he stepped into on May 22 after succeeding Jerome Powell.
Warsh built his reputation on inflation discipline and a long preference for a leaner central-bank balance sheet, both of which tend to keep liquid
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