CPI data is out, and everything exceeded previous values. Like I said yesterday, the probability of a rate hike in October has surged by over 40%, and U.S. stock indices dropped nearly 1%. Bitcoin has also dropped again, breaking below 82, and the December rate hike expectation has now risen to over 50%. Even if there’s no rate hike in October, December is still uncertain—this is really a Trump-level move. Plus, in the past couple of days, oil prices have been climbing: WTI is nearing 95, and BZ is above 100. Unless oil prices ease to dampen rate hike expectations, the risk markets are really going to be under pressure for a while.