US July PCE Inflation Rises 3.7% YoY

The hotter-than-expected PCE print underscores that disinflation is stalling, which complicates the Fed's path and keeps rate-cut expectations in flux. For crypto, this matters because liquidity conditions are a key driver of risk appetite; a prolonged hawkish stance could tighten financial conditions, while any dovish pivot would likely support digital assets. The market's immediate focus will be on whether subsequent data confirms this trend or shows a cooling, as that will determine how aggressively policymakers respond. Watch for revisions to rate-cut odds and any shift in Treasury yields, which tend to correlate with crypto's sensitivity to macro shifts.