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🌎 CPI DIDN’T CHANGE THE GAME — PPI IS NOW THE NEXT TEST Yesterday’s U.S. inflation report was broadly in line with expectations, cooling to 3.4% YoY while core inflation eased to 2.5%. The immediate takeaway: markets became less concerned about another Fed hike in September. That’s supportive for risk assets, but it does NOT mean the Fed has suddenly turned dovish. Now the focus moves to today’s U.S. PPI and initial jobless claims. That combination matters because CPI measures consumer prices while PPI provides another read on pipeline inflation. The macro chain remains: PPI → Fed expectations → Treasury yields → Dollar → Financial conditions → Crypto risk appetite. 🟢 Softer PPI + weaker labor data → More room for policy easing → Lower yields → Better liquidity expectations. 🔴 Hotter PPI + resilient labor data → Higher-for-longer concerns → Yields remain elevated → Risk appetite could fade. Oil is another variable. Brent was around $88 and WTI around $82.20 early Thursday, although both moved lower as demand concerns offset some geopolitical risk. So today's market isn't simply trading yesterday's CPI. It's asking whether the broader disinflation trend is continuing. 📌 If PPI confirms CPI, the macro backdrop becomes increasingly constructive. If it doesn't, yesterday's relief could prove temporary. The inflation battle isn't over — the market has simply moved to the next data point. #Macro #PPI #CPI #FederalReserve #InterestRates #Liquidity #Crypto #OKXOrbitTopics #AIInfraEarningsWatch #CPIEasesHikeBets