Post

#CPIPPIEaseFedSplit The July PPI number looks dovish at first glance. Headline producer inflation slowed from 5.5% to 4.7% YoY, while the index was flat MoM versus +0.2% expected. Core PPI also eased to 4.2% YoY. But I wouldn't translate this directly into “Fed cuts are coming.” The composition matters. A meaningful part of the headline relief came from weaker energy, while a narrower underlying measure excluding food, energy and trade services actually rose 0.4% MoM. That creates an awkward macro setup: goods/input pressure is cooling, employment has weakened, but underlying inflation is still nowhere near comfortably dead. For BTC and gold, I think the next move is less about today's PPI print and more about what happens to real yields and the dollar after markets reprice the Fed path. If yields fall with inflation expectations, BTC gets a cleaner liquidity tailwind. If oil pushes inflation expectations back up while the Fed stays cautious, the same “soft PPI” narrative can disappear very quickly. The headline cooled. The macro contradiction didn't. $BTC $ETH $OKB