The CPI did not deliver a script for the market to confidently expect rate cuts. U.S. August CPI rose 3.4% year-over-year, matching July’s reading on the surface; however, breaking it down, core CPI fell to 2.4%, while energy prices surged 16.3% year-over-year, with gasoline up 27.4%. This data sent mixed signals to the market: underlying inflation is cooling, but energy could still raise the bar for rate cuts. As we enter the FOMC window next week, I won’t base my positioning solely on a single CPI print, nor will I chase the first bullish candle after the news. I’m only looking for two confirmations: Will the 2-year Treasury yield and the dollar both decline? Will BTC’s rebound be supported by genuine spot volume? If Treasuries and the dollar continue to strengthen while BTC’s rally lacks volume, I’ll remain cautious of a false breakout. Only when macro pressure eases and price reclaims key levels with strong volume will I consider following the trend. News creates volatility; confirmation determines position.