<p><span style="font-weight: 400;">Crypto markets traded lower over the weekend and into Monday after last week’s inflation data came in </span><a href="https://www.theblock.co/post/169220/u-s-inflation-comes-in-above-estimates-8-3-year-on-year-and-0-1-month-on-month"><span style="font-weight: 400;">hotter than expected</span></a><span style="font-weight: 400;">, dashing the hopes of investors who thought July’s CPI print might have </span><a href="https://www.theblock.co/post/162714/us-inflation-shows-signs-of-slowing-down-as-cpi-below-expectations-at-8-5"><span style="font-weight: 400;">indicated</span></a><span style="font-weight: 400;"> inflation had peaked. </span></p> <p><span style="font-weight: 400;">The CME FedWatch Tool now </span><a href="https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html"><span style="font-weight: 400;">indicates</span></a><span style="font-weight: 400;"> a 20% likelihood of a 100bps hike during Wednesday’s FOMC meeting — up from 0% just one week ago.</span></p> <p><img class="alignnone size-medium wp-image-171020" src="https://www.tbstat.com/wp/uploads/2022/09/target-rate-probabilitie-800x400.png" alt="" width="800" height="400" /></p> <p><span style="font-weight: 400;">The total crypto market cap currently sits around $890 billion, after once again slipping below the $1 trillion dollar mark last week.</span></p> <p><span style="font-weight: 400;">At the time of writing, bitcoin was trading at around $19,090, down over 16% since the CPI print. </span><span style="font-weight: 400;">Meanwhile ether is trading at $1,343, down more than 23% over the same period.</span></p> <p><span style="font-weight: 400;">A research note from Goldman Sachs indicates the bond market is also pricing in a 25% chance of a 100bps hike for Wednesday’s meeting, with analysts expecting “50bp hikes in November and December, taking the funds rate to 4-4.25% at year end.”</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>