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CPI gave the market some breathing room—but don’t celebrate just yet. 👀 July’s US CPI was broadly encouraging: headline inflation came in at 3.4% YoY, core CPI at 2.5%, and overall price pressures continued to cool. Add in the surprisingly weak non-farm payrolls, and the Fed has fewer reasons to stay aggressive with rate hikes in September. That’s a positive backdrop for US stocks, BTC, and gold. 📈 But here’s the catch: the next inflation problem may not come from CPI—it could come from oil. 🛢️ Brent crude moving toward $90 happened mostly after July ended, so the impact wasn’t fully reflected in the latest CPI data. If the Strait of Hormuz remains disrupted and oil prices stay elevated, that pressure could start showing up in the next few inflation reports. So for now, CPI looks friendly. But the next big question is simple: will crude oil cooperate? Because if oil keeps climbing, the inflation story could change very quickly. 👀 #DailyOrbit