US August PPI Rises 5.4% YoY, Market Fully Prices an October Fed Hike

The split between a hotter headline and a softer core reading is the real story here: it gives both hawks and doves on the Fed something to point to, which is why the market's move to fully price an October hike looks more like a positioning adjustment than a clean signal. The September meeting's outcome now effectively rides on the CPI print landing a day later, so the near-term path for risk assets, including crypto and tokenized real-world assets, hinges on a single data release rather than on any change in fundamentals. Whether the October hike stays fully priced after that CPI number is the open question.