U.S. inflation data surprises, with CPI higher by just 2.7% in November
TL;DR
U.S. inflation in November was lower than expected, with CPI at 2.7% vs. 3.1% forecast, boosting markets like Bitcoin and stocks. This could lead to Fed rate cuts next year.
Key Takeaways
- •November CPI rose 2.7% year-over-year, below the 3.1% forecast, while core CPI fell to 2.6% vs. 3% expected.
- •Markets reacted positively, with Bitcoin gaining 0.5% to over $88,000 and stock futures rising, as lower inflation may prompt Fed rate cuts.
- •Before the data, markets predicted a 73% chance of unchanged rates in January, but the surprise could shift expectations for future monetary policy.
What to know:
- November CPI was higher by 2.7% against forecasts for 3.1%.
- The core rate fell to 2.6% versus expectations for 3%.
- Bitcoin added to early gains on the news.
- November CPI was higher by 2.7% against forecasts for 3.1%.
- The core rate fell to 2.6% versus expectations for 3%.
- Bitcoin added to early gains on the news.
U.S. inflation data surprised to the downside on Thursday, potentially setting up the economy for continued Federal Reserve rate cuts next year.
The Consumer Price Index (CPI) rose 2.7%. on a year-over-year basis in November, according to a Thursday report from the Bureau of Labor Statistics. Economist expectations had been for a rise of 3.1% and the previous read was 3%.
Core CPI — which excludes food and energy — rose 2.6% against forecasts for 3% and 3% previously.
Monthly data was not included as the BLS statisticians continue to suffer the effects of October's government shutdown.
Market reaction was swift. with bitcoin BTC$85,954.34 adding about 0.5% to earlier gains, now trading back above $88,000. U.S. stock index futures also added to earlier gains, the Nasdaq 100 now ahead by 1.15%. The 10-year Treasury yield slipped two basis points to 4.12%.
Ahead of the data, markets were pricing in a 73% probability that the Federal Reserve would leave interest rates unchanged at its January meeting, according to the CME FedWatch tool. These softer inflation numbers though, could change that calculus and — for the moment — risk markets, crypto among them, are moving higher on the chance of easier than forecast monetary policy.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
- ICP rose above $3, extending a short-term rebound from recent lows.
- Trading volume increased while remaining consistent with gradual positioning rather than aggressive accumulation.
- The former resistance area around $3 is now the key level to watch for near-term direction.
Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.