The US economy increased by 2.9% in the fourth quarter, above expectations.

The US economy increased by 2.9% in the fourth quarter, exceeding expectations of 2.8%.

According to the preliminary estimate, consumer and federal government expenditures drove growth in the final three months of last year. The results suggest a slowing of growth from the third quarter when the GDP increased by 3.2%.

Following the news, the price of Bitcoin fluctuated. According to TradingView data, the largest cryptocurrency by market cap fell below $23,000 shortly after 8:30 a.m. EST, from about $23,100.

“This data is massively important since it is the first piece of salient hard data from the US since the non-farm payrolls on January 6th,” said David Stritch, currency analyst at Caxton.

GDP is the first of several economic statistics due this week ahead of the next Federal Reserve rate decision, with PCE inflation indicators following tomorrow.

The central bank is anticipated to raise interest rates by 25 basis points next Wednesday. The FedWatch tool from CME Group predicts a 25 basis point increase, increasing the target rate to 4.50-4.75%.

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