Bitcoin Waits for Guidance From U.S. Inflation Data, Bond Market

The inflation rate has slowed dramatically from the high of 9.1% in 2022. Still, in recent months, the Fed has reiterated the need to see further progress on the inflation front before pulling the plug on elevated interest rates. On Tuesday, Fed chief Jerome Powell said the same in his testimony to Congress, while stressing the bank won't wait for inflation to cool to 2% to cut rates.