Thoughts on CPI and BTC's reaction this week

The CPI print this week certainly stirred the pot, and watching $BTC's relatively muted initial reaction, especially compared to some of the equity moves, has been interesting. While a lot of the focus is on whether the Fed has room to maneuver, it feels like the market is already pricing in a fair bit of future rate action. The real question now for me is less about the immediate headline number and more about the longer-term stickiness of inflation, which then feeds directly into the carry trade argument for holding non-yielding assets. I’m watching how the narratives shift around the potential for a soft landing, and what that might mean for capital flows back into riskier assets versus a flight to safety. The dollar's movement will be key here.