Tonight's CPI seems pretty much beyond doubt. Can the reported value drop below 3.8? Not likely, right? Unless it comes in below 3.8, it's all considered bearish! Since February, the curve has been climbing higher and hitting new peaks. This doesn't seem to need much explanation—at the core, it's still the same issue: war driving it up! If you really want to make a point about it, its only current significance is that it will add fuel to the upcoming Fed rate decision and throw some frost on Waller's debut. The Waller era at the Fed is shaping up to be a mix of fire and ice—no rate cuts, but rate hikes won't be easy either. CPI XAU Bitcoin