Overview

• The U.S. Producer Price Index rose 0.9% in July, marking its largest monthly gain since May 2022.
• Markets saw the odds of a 50-basis-point rate cut in September drop to 0.0% on the CME FedWatch tool.
• Bitcoin and Ethereum both declined by roughly 3–4%, reversing gains that took bitcoin above $124,000 the day before.
• Treasury Secretary Scott Bessent confirmed the government will not buy additional bitcoin to expand its seized-asset reserve.
• Major U.S. stock indices dipped on the inflation news before partially recovering, with the Dow and S&P 500 pulling back from record levels.