As has been the case all week, bitcoin (BTC) is trading in a tight range around the $77,000 level during morning action in the United States.
There was some economic news Friday morning, and it wasn’t pretty. The University of Michigan’s consumer confidence index for May fell to a record low of 44.8 from 48.2 previously and economists’ forecasts of 48.2. The expectations index also fell to a record low of 44.1.
UMich’s index of one-year consumer inflation expectations rose to 4.8% from 4.5% previously. The 5-year inflation index rose from 3.4% to 3.9%.
This is yet another worrying stagflationary data point facing Kevin Warsh as he prepares to take over as chairman of the Federal Reserve. President Trump nominated Warsh in hopes he would lead the central bank to cut interest rates, but the war in Iran sent oil prices soaring and reignited what had cooled inflation.
Rate traders now assess the probability of one or more rate hikes by the end of 2026 at more than 70%.
Warsh’s official swearing-in is scheduled for 11 a.m. ET.
U.S. stocks, meanwhile, post modest gains ahead of the three-day weekend. The Nasdaq is up 0.3% and the S&P 500 is up 0.4%.
