Finance

The Personal Consumption Expenditures price index reported that annual inflation remained at 3.7% for July, matching the prior month's reading but slightly exceeding economist expectations. The persistent inflation data puts additional pressure on central bank policy makers ahead of upcoming interest rate decisions and the highly anticipated Jackson Hole symposium.

After briefly surging past the $81,000 mark to erase three months of losses, the price of Bitcoin consolidated back down to the high $78,000 range as traders began securing profits. Despite the minor pullback, digital asset sentiment remains underpinned by substantial monthly spot ETF inflows and discussions surrounding regulatory advancements.

International oil benchmarks fell significantly, with Brent crude dropping toward $85 a barrel after regional leaders held talks regarding the Strait of Hormuz. Rumors of a temporary navigational corridor and de-mining efforts between Iran and Oman have tempered immediate supply fears, helping to pull prices down over several trading sessions.