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<p>CPI just printed.

Headline +0.9%. Biggest monthly jump since June 2022. Core +0.2%. Below expectations.

The market sees relief.

But that relief requires things that haven't happened yet.

Hormuz isn't open. 230 tankers still stuck inside the Gulf. Islamabad talks haven't moved on enrichment. April CPI absorbs the full oil shock. Oxford Economics projects 4%+ next month.

Today bought time. Not resolution.

Whales accumulated 270,000 BTC in 30 days. 13-year record. Exchange reserves at 2017 lows. Retail still in Extreme Fear.

The market is pricing relief. The physical world is pricing something else.

Watch the tankers. Watch Saturday.</p>

CPI just printed.
Headline +0.9%. Biggest monthly jump since June 2022. Core +0.2%. Below expectations.
The market sees relief.
But that relief requires things that haven't happened yet.
Hormuz isn't open. 230 tankers still stuck inside the Gulf. Islamabad talks haven't moved on enrichment. April CPI absorbs the full oil shock. Oxford Economics projects 4%+ next month.
Today bought time. Not resolution.
Whales accumulated 270,000 BTC in 30 days. 13-year record. Exchange reserves at 2017 lows. Re

CPI just printed. Headline +0.9%. Biggest monthly jump since June 2022. Core +0.2%. Below expectations. The market sees relief. But that relief requires things that haven't happened yet. Hormuz isn't open. 230 tankers still stuck inside the Gulf. Islamabad talks haven't moved on enrichment. April CPI absorbs the full oil shock. Oxford Economics projects 4%+ next month. Today bought time. Not resolution. Whales accumulated 270,000 BTC in 30 days. 13-year record. Exchange reserves at 2017 lows. Retail still in Extreme Fear. The market is pricing relief. The physical world is pricing something else. Watch the tankers. Watch Saturday.

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