PPI coming in hot hot hot 🔥 Don’t think it sustainably matters given Fed’s willingness to look through oil related inflation shock and remain on hold With higher inflation, real rates are coming lower easing financial conditions Keep an eye on 10yr yields though looking back up at 4.5% A sharper bond sell off driving bond vol higher would be a condition for risk to take a bit more of a hit Still, with the Fed sidelined, you want to own equities and of course Bitcoin as the inflation hedge