10Y Treasury yield just dropped below 4%. A lot of people missed this signal—PPI data came in stronger than expected, yet yields are heading down. What does this mean? The market doesn’t care about inflation anymore; the real fear is economic slowdown. Money is flowing into Treasuries. DXY is still stuck in the weak 97-98 range, and M2 is still expanding month-over-month. Stablecoin market cap quietly climbed to $312B. The last time we saw this kind of divergence—'strong PPI but falling yields'—was Q3 2019. We all know what happened after that. The liquidity faucet is being turned on, but most people are still staring blankly at price charts.