This number gives me chills. U.S. PPI rose 6.3% year over year in September, versus market expectations of just 5.3%—a full percentage point higher and the highest in four years. Month over month, it rose 1.3%, compared with expectations of just 0.5%—more than double.
The reason is obvious: war. Oil prices have stayed above $100, and when diesel gets more expensive, everything else follows. CPI came in hotter than expected yesterday, and now PPI has done the same today. The market is already betting that the Fed will raise interest rates, with the odds of a hike in December reportedly above 90%.
That’s not good news for something like $BTC that depends on liquidity. I’m not going to make wild guesses about which way things will go—I’ll wait and see what everyone thinks. If rate hikes really do come, how far do you think crypto will fall?
#USSeptemberPPIYearOverYearRisesTo6.3%
The reason is obvious: war. Oil prices have stayed above $100, and when diesel gets more expensive, everything else follows. CPI came in hotter than expected yesterday, and now PPI has done the same today. The market is already betting that the Fed will raise interest rates, with the odds of a hike in December reportedly above 90%.
That’s not good news for something like $BTC that depends on liquidity. I’m not going to make wild guesses about which way things will go—I’ll wait and see what everyone thinks. If rate hikes really do come, how far do you think crypto will fall?
#USSeptemberPPIYearOverYearRisesTo6.3%