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#CPIEasesHikeBets July CPI cooled to 3.4%, and the market immediately became more comfortable with a September hold 😮‍💨 What caught my attention wasn’t the CPI itself, but the reaction afterward. Short-term yields fell and gold recovered from its initial dip, while BTC barely moved. To me, that says one softer inflation report has eased the pressure, but it hasn’t fully changed the mood. Fiscal deficits and term premiums are still keeping longer-term rates elevated, so the Fed’s problem looks less urgent—not necessarily solved. Today’s PPI should add another piece to the picture. I’m curious whether it confirms the cooling trend or reminds everyone why the Fed is still cautious 👀