Fed Hike Scare Intensifies, but Crypto Resilience Leaves Significant Upside if CPI Cooperates

The big data point today was PPI, which offered something for both hawks and doves. Headline PPI remained firm, while core PPI came in somewhat better than expected, albeit against a July reading that was revised higher. Beneath the surface, much of the pressure in core PPI was concentrated in transportation-related categories. Passenger transportation rose 4.1% MoM and freight/warehousing increased 1.7%, while the...

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