Finance

The Producer Price Index dropped by 0.3% last month, outperforming economist expectations of a flat reading. This cooling of factory-level costs was largely driven by a temporary decline in energy prices, although new military actions in the Middle East have since caused oil prices to rebound.

Cryptocurrency markets rallied sharply on the news of slowing inflation, with Bitcoin topping the $65,000 mark for the first time in three weeks. Ethereum also saw significant gains, rising over 6% to open near $1,890 as traders grew more confident in steady interest rate policies.

Yields on U.S. government debt fell across the curve following the release of the June inflation data. The 10-year Treasury yield decreased to approximately 4.55%, while the 2-year yield saw a more pronounced drop to 4.13%, marking its lowest level since early July.