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US May CPI just hit 4.2% YoY, the highest since April 2023. But crypto bounced anyway. Energy prices drove most of the move, up 3.9% MoM and responsible for over 60% of the monthly gain. The split that matters: core CPI rose just 0.2% MoM, missing the 0.3% consensus. That softer core print was enough to pull BTC back from the $60K edge to around $62K within hours of the release. Headline hot, core cooling. Markets took the "less bad" reading as a relief. The macro picture is still evolving though: · Goldman Sachs scrapped all 2026 rate cut calls after the May jobs report · Base case now: two cuts in 2027 · Some Wall Street forecasts now include a potential rate hike in 2027 if inflation stays elevated · Bitcoin ETFs saw $1.89B in outflows in June before the data dropped Then there's the Warsh wildcard. June 16-17 is his first FOMC meeting, and the single remaining 2026 cut in the dot plot is almost certain to disappear. More disruptive: sources say Warsh may scrap the dot plot entirely. He's spent years arguing against forward guidance, and this meeting could be where that plays out. If the dot plot goes, the tool markets have used for years to price rate expectations goes with it. How are you thinking about positioning around next week's FOMC? Holding, hedging, or sitting it out? #USCPIHot4.2CoreCools