CPI exceeded expectations, even the US stock market couldn’t hold up this time. Core CPI: 2.6% (expected 2.5%, last month 2.4%) This is the only number you need to remember tonight. 10 minutes after the release: Treasury yields: 5.19% → 5.27% Bitcoin: down 1.2% Gold: down 1.0% Nasdaq futures: down 0.8% On Monday, only gold and crypto were dropping. Tonight, US stocks are down too. This means the market isn’t just worried about high interest rates anymore—it’s starting to worry about more rate hikes. For the crypto world: Bitcoin is just over 3% away from $80K. If rates don’t reverse, it’ll be hard for it to rally on its own.