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U.S. CPI Inflation Falls to 4.9% in April; Bitcoin Rises Above $28K

The annual U.S. inflation rate slowed to 4.9% in April from 5.0% in March and versus economist forecasts for 5.0%, according to the Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) report Wednesday morning. At its last meeting earlier in May, the U.S. Federal Reserve's Federal Open Market Committee (FOMC) indicated it's considering at least a pause in its historic run of rate increases that's seen the central bank take the benchmark fed funds rate from about 0% in early 2022 to the current targeted range of 5.0%-5.25%. The U.S. 10-year Treasury yield has declined seven basis points to 3.45%.

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