Traders Cut Bets on Fed Tightening After PPI Report

The signal here is less about the PPI print itself than about how quickly positioning adjusted to it: rate expectations are behaving as a live, data-sensitive input rather than a fixed backdrop, which matters for every duration-sensitive corner of crypto and tokenized RWAs. The read-through lands hardest on leveraged and yield-dependent exposure, where financing assumptions and discount rates do the most work. Whether this repricing holds through the next data release, or unwinds as it has after past single prints, is the open question worth tracking.