Thoughts on PCE and Fed messaging post-CPI

Watching the PCE data closely this week after the CPI came in a bit hotter than expected. I'm leaning towards the Fed staying firm on 'higher for longer' messaging, even if the core PCE shows some cooling. I'd put the odds at about 65% that we don't get any dovish pivots from Powell, purely based on their recent rhetoric and the need to truly cement inflation expectations downwards. I think any significant rally across risk assets like crypto ($LUNA, $CRV) would likely be short-lived if the Fed maintains its hawkish stance.