India, April 26 -- Cryptocurrencies traded firm above the flatline despite the much-awaited PCE-based inflation readings throwing negative surprises.
Data released by the U.S. Bureau of Economic Analysis earlier showed year-on-year PCE Price Index rising 2.7 percent in March versus 2.5 percent in the previous month. Markets had expected it to rise to only 2.6 percent. The core component unexpectedly remained steady at 2.8 percent despite markets expecting a decline to 2.6 percent. The month-on-month PCE Price Index as well as its core component, both remained steady at 0.3 percent as widely expected.
In response to the sticky inflation readings in the Fed's preferred inflation gauge, expectations of an interest rate cut have been further ...