U.S. inflation data matched expectations, reinforcing the Federal Reserve’s stance of maintaining higher interest rates for an extended period. Bitcoin was trading at $61,700 following this announcement, reflecting a slight decrease over the last 24 hours. What to know: — The Consumer Price Index (CPI) increased by 0.5% for May and 4.2% year-over-year. — Market predictions indicate no Fed rate hike at the June 17 meeting. — Bitcoin’s value hovered around $61,700 post-report. The inflation figures released on Wednesday confirmed the market’s anticipation that the Federal Reserve would keep interest rates steady at 350-375 basis points during the upcoming June 17 meeting, with an inclination to raise rates by 25 basis points by year-end. According to the Bureau of Labor Statistics, the year-over-year CPI rose by 4.2% in May, which was in line with economists’ expectations following an increase of 3.8% in April. Month-over-month, the CPI saw a 0.2% rise, falling short of the anticipated 0.5% and compared to April’s 0.6% increase. The core CPI, excluding food and energy prices, also rose by 0.2% in May, below forecasts of 0.3% and April’s 0.4%. Year-over-year, the core CPI was up 2.9%, matching expectations and slightly ahead of April’s 2.8%. Although Bitcoin experienced a minor rise after the data release, it continues to face downward pressure. Prior to the CPI report, markets were indicating a 98% likelihood that the Federal Reserve would keep interest rates unchanged during its June meeting, as per the CME Fed Watch tool.