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US inflation is cooling. July PPI: 0% month-over-month (MoM), below the expected +0.2%. Year-over-year (YoY) PPI: fell from 5.5% to 4.7%. Core PPI: rose 0.2% MoM, below the forecast of 0.3%. This data dampens expectations of a Fed rate hike in September, providing support for risk assets like crypto. However, inflation remains above the Fed's 2% target, so this cannot yet be viewed as a definitive signal that the Fed is shifting toward monetary easing. $BTC #CPIPPIEaseFedSplit