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🔴 THE MACRO SHIFT IS HERE — BUT BTC HASN’T REACTED YET This week’s data is sending a clear message: CPI cooled from 3.5% → 3.4% Core CPI fell 2.6% → 2.5% PPI dropped 5.5% → 4.7% Core PPI eased 4.7% → 4.2% Initial jobless claims climbed to 209K Three signals are aligning: inflation is cooling, labor is loosening, and the case for another Fed hike is weakening. But the Fed itself remains divided. One side argues policy isn’t restrictive enough. The other believes rates are already tight enough. Markets, meanwhile, are moving before the debate is settled. Treasury yields are falling, rate-hike odds are fading, and the S&P 500 is printing record highs. Oil is helping too, with lower energy prices taking some pressure off inflation expectations. And the divergence across assets is becoming impossible to ignore: 🇺🇸 Stocks: pricing a softer Fed 🥇 Gold: holding elevated levels ₿ Bitcoin: still struggling to break from the $63.8K area Same macro backdrop. Completely different market reactions. The direction is becoming clearer — the real question now is which asset catches the macro shift first. $BTC $SNDK $XAU #CPIPPIEaseFedSplit