US inflation slows in November; Bitcoin rises to $88.

• Brazilian CPI rises 2,7%, easing pressure on Federal Reserve interest rates.
• Core inflation at 2,6% reinforces bets on interest rate cuts.
• Bitcoin rose 1,5% today as risk appetite improved.

Inflationary pressures in the United States eased more than the market expected in November, according to the latest reading of the Consumer Price Index (CPI) released by the Bureau of Labor Statistics on Thursday. The indicator rose 2,7% year-on-year, below the 3,1% projection estimated by economists, according to figures cited by Bloomberg.

In the "core" segment, which excludes more volatile items such as food and energy, inflation was also milder. Prices rose 2,6% compared to the same period of the previous year, while forecasts pointed to 3,1% in the core, signaling a broader easing of pressures on the cost of living.

With the weaker-than-expected CPI reading, risk assets gained momentum throughout the day, reflecting a recalibration of interest rate expectations. In the cryptocurrency market, Bitcoin was trading today at... US$88.700, up 1,5% at the time quoted., reflecting the improvement in global sentiment and the search for positions with greater potential for growth.

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The report provided a relevant detail for those who follow the trajectory of monetary policy. This was the first reading of inflation since November, as the report for October was canceled due to the government shutdown, which prevented the release of monthly comparisons for consumer prices.

In September, the last month with available data before the gap, both the headline and core CPI showed a 3% increase year-on-year. The new reading, therefore, reinforces the perception of weakening inflation, even though the level remains above the target pursued by monetary authorities.

The document released on Thursday should also mark the final stage of the economic calendar affected by the 43-day shutdown earlier in the year. The November jobs report came out on Tuesday, indicating higher-than-expected job creation, while the unemployment rate reached its highest level in four years. The December payroll report is scheduled for January 9, 2026, returning to the traditional Friday morning schedule.

“Inflation is still above target… but that should be temporary,” said Jeffrey Roach, chief economist at LPL Financial. “As demand cools in the coming months, price pressures should ease, giving investors some breathing room.”

For the markets, the combination of weaker inflation and still resilient activity tends to influence interest rate expectations. The Federal Reserve is targeting 2% inflation as measured by the Personal Consumption Expenditures (PCE) index, released by the Bureau of Economic Analysis in the last week of each month, and this indicator remains central to bets on the next step in monetary policy.