US inflation cooled to 3.4% year-over-year, coming in lower than the 3.7% forecast and suggesting a better-balanced economy. This data eased pressure on the Federal Reserve, with NY Fed President John Williams stating there is no immediate rush to hike interest rates. Following the release, Bitcoin prices surged past $85,000, reversing a downward trend alongside a jump in gold prices. The positive market sentiment was further supported by upward revisions to household income and spending data.
