🗓️ Macro this week is about the rates reaction. UK CPI + unemployment set the tone early, but the main risk is the US bundle: Core PCE inflation + personal spending/income (with GDP final). Core PCE is the Fed’s preferred inflation gauge, spending/income is the cleanest read on demand resilience. If PCE prints firm while spending holds up, the market can reprice the path of cuts, pushing front end rates higher. If both cool, the market's base case stays intact. Thursday is the key event risk, expect IV to reprice around the rates move. Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual assets are highly volatile, carry significant risk, and may lose full value. They are not insured or protected against potential losses.(Deribit)