There’s still no real progress on inflation this month.
Over the past 12 months, the trend has been flat and if you’re being generous, there’s only a very slow downtrend in core services inflation.
With numbers like these, it’s no surprise the Federal Reserve isn’t rushing to accelerate the pace of rate cuts.

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BitMEX co-founder Arthur Hayes has forecasted a sharp downturn for the crypto market, predicting that Bitcoin could fall to $100,000 and Ethereum to $3,000.
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Pi Network (PI) opened August with a steep drop, hitting a new all-time low of $0.32 on August 1.
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For Bitcoin, the key is that the Fed doesn’t reverse course and turn more hawkish.
So far, that doesn’t seem to be happening based on the messaging from the latest FOMC meeting.
Follow @ecoinometrics for more data-driven insights on Bitcoin and macro.