Vibe Shift

Crypto Continues to Show Relative Strength

It was an eventful week in global macro (this is now the default opening line of every note), as consequential headlines rolled across the tape at a rapid clip. Among them:

Signs of slowing demand appeared in Apple’s revised agreement with suppliers, and early signs of potential deflation were on display in Nike’s surging inventories.Despite this, the Fed’s preferred inflation figure, PCE, came in extra hot for the month of August, consiste...

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