It was an awkward week for the many pundits and economists that spent last fall hanging the “Mission Accomplished” banner in the war on inflation, as the closely-watched CPI reading for March came in above expectations and showed a clear reacceleration of annual price increases across most categories. Benchmark yields spiked higher as traders immediately kicked back expectations for any near-term rate cuts by the Fed, with the 10-year experiencing its worst day since the onset of the COVID crisis four years ago. The backdrop was not helped by a very weak 10-year auction, ongoing federal deficit spending at levels set to overshoot CBO projections by ~50% this year, and growing jitters around Middle East tensions that have pushed broad commodity prices near post-2008 highs. As markets aggressively reprice expectations for near-term changes to monetary policy set at the opaque discretion of a tiny cabal of the same pundits and economists that celebrated the death of inflation a few months ago, bitcoin just passed block 839,000, meaning the network is now less than 1,000 blocks away from the next programmatic change to its predetermined, predictable, and consensus-enforced monetary policy.
Ten31 Timestamp 839,027
Ten31 Timestamp 839,027
Ten31 Timestamp 839,027
It was an awkward week for the many pundits and economists that spent last fall hanging the “Mission Accomplished” banner in the war on inflation, as the closely-watched CPI reading for March came in above expectations and showed a clear reacceleration of annual price increases across most categories. Benchmark yields spiked higher as traders immediately kicked back expectations for any near-term rate cuts by the Fed, with the 10-year experiencing its worst day since the onset of the COVID crisis four years ago. The backdrop was not helped by a very weak 10-year auction, ongoing federal deficit spending at levels set to overshoot CBO projections by ~50% this year, and growing jitters around Middle East tensions that have pushed broad commodity prices near post-2008 highs. As markets aggressively reprice expectations for near-term changes to monetary policy set at the opaque discretion of a tiny cabal of the same pundits and economists that celebrated the death of inflation a few months ago, bitcoin just passed block 839,000, meaning the network is now less than 1,000 blocks away from the next programmatic change to its predetermined, predictable, and consensus-enforced monetary policy.