Inflation in the U.S. perked up in June but was mostly in line with expectations, perhaps helping to set the stage for another Federal Reserve rate cut as soon as September.

The headline Consumer Price Index (CPI) rose 0.3% last month versus economist forecasts of 0.3% and just 0.1% in May. On a year-over-year basis, CPI rose 2.7% against 2.7% expected and 2.4% in May.

The core CPI, which strips out food and energy costs, climbed 0.2 % in June versus 0.3% expected and 0.1% in May. Core CPI year-over-year was higher by 2.9% compared to 3.0% anticipated and 2.8% in May.

In the midst of a steep decline from record highs of nearly $124,000 just a bit over 24 hours ago, the price of bitcoin (BTC) gained a bit back to $117,300 just following the release of the data.

A check of traditional markets finds U.S. stock indices futures adding a bit to gains, with the S&P 500 higher by 0.4%. The 10-year Treasury yield has dipped two basis points to 4.41%.

The new data comes as investors watch for signs of whether inflation is easing enough for the Federal Reserve to consider cutting interest rates later this year. Though at least two Fed members have agitated for a rate cut as soon as the central bank's late July meeting, there's doesn't seem to be wide support from either Fed Chair Jerome Powell or the rest of the central bank policymakers.

That's led to the Fed's subsequent meeting — in September — as the leading candidate for the possible resumption of rate cuts. Prior to this morning's inflation data, the odds of a September move were just shy of 62%, according to CME FedWatch.

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