US Sept CPI Tops Forecasts; Rate Futures Slide, Fed Hike Bets Rise

The upside surprise matters less for the headline than for what it does to the rate path: futures repricing and firmer hike bets tighten the discount rate that underpins every risk asset, crypto and tokenized RWA included. The read-through is a stronger dollar and higher real yields, which typically pressures non-yielding holdings and can stall fresh allocations into on-chain products. Whether the Fed validates the market's hawkish shift, or the next inflation print cools the reaction, is the open question worth tracking.