$ZEREBRO$AMZN When PPI comes in hotter than expected, Treasury yields plunge, and tech stocks all slump, what is the market afraid of? It’s afraid that “inflation isn’t dead yet, and rate cuts are off the table.” But Goolsbee said something thought-provoking: The stock market isn’t propping up consumption—consumers are simply resilient on their own. It reminds me of Q4 2018: the same late-stage rate hikes, the same people warning that “consumer spending is about to collapse.” But Amazon’s sales of heated gloves and smart thermostats boomed that winter, and Q4 revenue rose 20% year over year. What’s different this time? BTC is flat at $82,351, up just 0.97% in 24 hours, while even Amazon—with a trillion-dollar market cap—is selling $14 heated gloves. This isn’t consumers trading down; it’s consumer spending becoming more divided. The crypto market is confused, and U.S. stocks are split, but the real signal is buried in the noise: While Wall Street fixates on the second decimal place of PPI, ordinary people are just getting ready for winter. History doesn’t repeat itself, but it does rhyme. That winter in 2018, $AMZN rebounded 40% from its low. What about this time? Will you follow the fear, or the people buying gloves?