Wall Street is now pricing in a terminal rate of 5.25-5.50, after hot PCE data, BTC down over 3%

Quick Take

• Bitcoin is down -3.31% on Feb. 24 due to a hotter than expected PCE data. 
• Traditional assets are also down on the day, which includes SPX (-0.22%), XAUUSD (-0.75%), and Nasdaq (-2.00%).
• Wall Street is now pricing another 25 bps hike, in addition to the 50 bps remaining, due to today’s PCE.
• This would take the federal funds rate to 5.25 – 5.50% for the end of 2023, a total of 75 bps remaining.

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