Core PCE Rises 3.0% YoY, Below Forecast; Bitcoin Briefly Tops $85,000

The softer-than-expected core print matters less for the level of inflation than for its direction, which gives rate-sensitive assets room to rally on the margin. Bitcoin's brief move above $85,000 and the drop in the 10-year yield show that positioning is still heavily macro-driven, not idiosyncratic to crypto. The open question is whether that move holds once the yield rebound extends, or whether it was simply a knee-jerk reaction to a single data point.