Inflation figures released this week surprised markets with hotter-than-expected readings, yet major stock indexes and cryptocurrency prices showed little lasting reaction.
The latest consumer price index report indicated stronger price pressures than anticipated. Trading volumes remained steady across equities and digital assets in the hours that followed the release.
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Bitcoin rose above $62,000 on June 10 after US inflation data came in line with expectations. The May Consumer Price Index rose 4.2% year over year, matching forecasts and marking the fastest pace in three years.
US consumer prices rose more than expected in April, sending stocks lower and pushing bitcoin briefly under the key $80,000 level before a modest recovery. The data reinforced bets that the Federal Reserve will hold rates steady.
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Major cryptocurrencies declined over the past week while the S&P 500 extended its longest weekly winning streak since 2023. Bitcoin and ether fell nearly 3 percent each amid softer inflows into spot bitcoin exchange-traded funds. Smaller tokens such as Hyperliquid's HYPE provided the only notable gains.
Wall Street markets closed higher on May 13, led by gains in the technology sector ahead of the US-China meeting.
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U.S. stocks retreated from record highs as mounting worries over inflation took hold. Higher crude oil prices and surging Treasury yields fueled the selloff, hitting technology shares particularly hard.