Falling inflation does not necessarily mean a return to cheap money.

US inflation data coming in lower than expected has eased pressure on the market from the Federal Reserve.

However, one point is easily overlooked:
Inflation is falling, yet long-term yields remain very high.

This means the economy's cost of capital has not truly decreased.

For crypto and tech stocks, the story goes beyond whether or not the Fed cuts interest rates.

What matters more is whether money has actually become cheaper within the economy.

That is the decisive factor for the valuation levels the market is willing to accept.