With The Merge In The Rear View, What's Next?

SEP 15, 2022 • 10 Min Read

Andrew Krohn + 2 others Jason PagoulatosKevin Kelly, CFA Andrew Krohn
DISCLOSURE: THE AUTHORS OF THIS REPORT HOLD POSITIONS IN BTC AND ETH. THE AUTHOR HAS NOT PURCHASED O

📊 Macro Back In Vogue?

As we cautioned last week, the August 2022 CPI print on September 13th would likely prove to be a volatile event for asset markets in either direction. As it turned out, August CPI rose to 8.3%, coming in much worse than many people have been expecting. This resulted in a violent sell-off across asset markets, with crypto being no exception.

  • Headline CPI surprised market expectations with an increase while many were expecting a decline. Core CPI numbers also doubled what many economic forecasters had been expecting.
  • Another warning sign appeared in rental inflation and services, as both accelerated to posting their largest monthly increase to date.
  • An area where many were expecting to see substantial declines in inflation was used vehicles. Again, defying market expectations, used vehicle inflation barely edged lower at all.
  • In the past, we have mentioned that hig

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    Andrew Krohn + 2 others Jason PagoulatosKevin Kelly, CFA Andrew Krohn