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

SEP 15, 2022 • 10 Min Read

Andrew Krohn + 2 others

DISCLOSURE: THE AUTHORS OF THIS REPORT HOLD POSITIONS IN BTC AND ETH. THE AUTHOR HAS NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THE AUTHOR HAS MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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📊 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