US February CPI data came in as expected at 2.4%, matching forecasts and staying flat compared to the previous value. After the data release, BTC briefly surged to 71k but has now returned to around 70k. In comparison, the impact of inflation data isn’t as significant as non-farm payrolls. At this stage, the Fed is paying more attention to the labor market. Meanwhile, the market’s focus is currently on the US-Iran conflict and crude oil. Given the consensus that the Fed won’t cut rates this month, this CPI release didn’t make much of a splash .