US August CPI Due at 8:30pm Beijing Time Ahead of Fed Meeting

This CPI print lands as the final major input before the Fed's meeting, giving it outsized weight relative to a typical monthly release. The framing that it could determine whether the Fed delivers its first hike in over three years means the reaction function is unusually binary: the data, not Fed communication, is the swing factor. For crypto and RWA markets, the read-through runs through rate expectations rather than any direct fundamentals, so positioning into the release is likely to stay defensive. Whether the print actually settles the hike question, or merely shifts the debate into the meeting itself, is the open question.