Today it was reported that consumer prices in the United States rose by the most in more than 8-years.
Figures revealed that CPI increased by the most in 8-1/2 years last month, as a rise in vaccinations, plus President Biden’s $1.9 trillion stimulus bill boosted consumer demand.
The data released by the Labor Department showed that the consumer price index climbed by 0.6% in March, after rising 0.4% in February.
One of the biggest contributors was gasoline prices, which rose by 9.1% last month, as Americans began to travel post-lockdown.
The S&P 500 was marginally higher on the news.
Bitcoin rallies to new record highs
After consolidating for the past few weeks, the Cryptocurrency market has once again taken flight, with several new highs being recorded today.
Bitcoin and Ethereum both rallied to new highs on Tuesday as investors flocked to crypto’s as many corners of the world began to re-open after months of lockdown.
BTCUSD rallied to an intraday high of $63,733, whilst ETHUSD also climbed, hitting a high of $2,294 in today’s session.
Typically, after recent record highs, markets have gone on to experience some price correction, as such many now wait to see how long today’s bulls will last.
FTSE 100 up as UK GDP grows
The FTSE 100 ended a streak of 2 consecutive days trading in the red, to marginally rise on Tuesday.
This comes as data released today showed that the British economy had grown by 0.4% in February.
Many attribute the growth to come from the fact businesses were gearing up for the re-opening of the economy which commenced this week.
Overall, GDP in the UK remained 7.8% lower than its level at the same point last year, however, many expect Q2 to provide further growth due to the easing of lockdown.
London’s FTSE 100 was marginally up in today’s session.
Quote of the day – “In investing, what is comfortable is rarely profitable.”– Robert Arnott
Senior Market Analyst