Wall Street is now pricing in a terminal rate of 5.25-5.50, after hot PCE data, BTC down over 3%

quick take

• Bitcoin fell -3.31% on Feb 24 as PCE data was higher than expected.
• Traditional assets including SPX (-0.22%), XAUUSD (-0.75%) and Nasdaq (-2.00%) also fell on the day.
• With today’s PCE, Wall Street is now pricing in another 25 bps increase on top of the remaining 50 bps.
• This brings the Federal Funds Rate to 5.25-5.50% by the end of 2023, leaving a total of 75 bps.

Post Wall Street is currently pricing at a terminal rate of 5.25-5.50. His drop of over 3% in BTC first appeared on CryptoSlate after hot PCE data.