U.S. inflation data surprised to the downside on Thursday, potentially setting up the economy for continued Federal Reserve rate cuts next year.

The Consumer Price Index (CPI) rose 2.7%. on a year-over-year basis in November, according to a Thursday report from the Bureau of Labor Statistics. Economist expectations had been for a rise of 3.1% and the previous read was 3%.

Core CPI — which excludes food and energy — rose 2.6% against forecasts for 3% and 3% previously.

Monthly data was not included as the BLS statisticians continue to suffer the effects of October’s government shutdown.

Market reaction was swift. with bitcoin BTC$88,512.92 adding about 0.5% to earlier gains, now trading back above $88,000. U.S. stock index futures also added to earlier gains, the Nasdaq 100 now ahead by 1.15%. The 10-year Treasury yield slipped two basis points to 4.12%.

Ahead of the data, markets were pricing in a 73% probability that the Federal Reserve would leave interest rates unchanged at its January meeting, according to the CME FedWatch tool.