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US CPI landed pretty much where the market expected, and sometimes that can be just as interesting as a surprise. My first thought is that an in-line number removes one major uncertainty, but it doesn’t necessarily give the market a clear direction. Inflation isn’t suddenly gone, and at the same time, there wasn’t a major upside surprise that forces everyone to rethink the outlook. For me, the interesting part now is what happens after the initial reaction. Does the market stay comfortable with current rate cut expectations, or will upcoming jobs and growth data change the story again? I also wouldn’t read too much into the first BTC move after CPI. Macro days can get noisy very quickly, and sometimes the more meaningful move comes later once yields and the dollar settle down. #USCPIMatchesExpectations $BTC