CPI-Driven Easing in Rate Expectations Sparks Crypto Rebound, mNAV Expansion Supportive of Near-Term Continuation

Discussed in today's video:

Cooler CPI reversed the hawkish move from earlier in the week. Headline CPI came in at 2.4% YoY, below expectations, while core was in line. The hawkish shift in rate expectations following earlier labor data was fully unwound, with December Fed Funds futures repricing toward ~3%. While most projected cuts remain beyond Powell’s tenure, today’s data meaningfully eased near-term pressure on duration-sensitive assets and provided a clean catalyst for crypto. Crypto led equities higher, a constructive signal for continuation. In early trading, digital asset...