Broken down by category, some of the sectors most impacted by tariffs saw a price decline from last month, including apparel and used cars and trucks.

News that the U.S. and China have drastically reduced reciprocal tariffs for 90 days as they continue trade talks has already put a dent in rate-cut expectations.

The crypto market stood at $3.4 trillion as the Consumer Price Index (CPI) in April stood at 2.3% over the last 12 months, the Bureau of Labor Statistics reported on May 13. The Federal Reserve has set an inflation target of 2%. As per Kraken's price feed, Bitcoin was trading at $103,587 at press time.

CPI reveals easing inflation at 0.221% with core at 0.237%. Recession odds drop; stay updated on key macro data shaping Fed rate decisions. Click for more.

US-China trade truce euphoria is giving way to worry over economic slowdown in the wait for the latest US consumer inflation report

You may see some price increases from tariffs in your shopping, but you won't see them in Wednesday's official report on inflation in April, forecasters say.

The US CPI data is set to be released on May 13, and experts anticipate that positive data could bring the Bitcoin price rally to a new ATH.