U.S. September CPI comes in hot, sending bitcoin sharply lower

U.S. inflation sped up more than expected in September, perhaps putting multiple Federal Reserve rate hikes back into play. The September Consumer Price Index rose 0.6%, according to a Wednesday morning report from the Bureau of Labor Statistics. That’s up from 0.4% in August, and in line with economist forecasts for 0.6%. On a year-over-year basis, CPI rose 3.7% versus 3.4% in August and estimates for 3.6%. Core CPI — which strips out food and energy costs — rose 0.3% in September against 0.3% in August, and above forecasts for 0.2%.