CPI becomes less a concern for the Fed, but not enough to move policy. Stocks hit another all-time high.

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	Forwarded this email? Subscribe here for more The full post is available to paid members — enjoy a free preview of today’s content! Powell pumps stocks and admits government lies about jobs data CPI becomes less a concern for the Fed, but not enough to move policy. Stocks hit another all-time high. Nik Bhatia Jun 13 ∙ Preview   READ IN APP   Dear Readers, Greetings from Alaska! On the flight up from Los Angeles, I cracked open the 1986 book recommended to me by our liquidity mentor Michael Howell—Interest Rates, the Markets, and the New Financial World by Howell’s own mentor Henry Kaufman. Kaufman worked in banking, then for the Fed, then became partner at the investment bank Salomon Brothers. While essentially finished with my research for book 2 (aiming for a Fall 2024 release), I was hesitant to start another book that might influence my book writing, but in the end I couldn’t help it. Readers know that I’m in the process of deconstructing Howell’s liquidity model for our own and your benefit, so I figured a book by his mentor should be good enough. I’ll leave you with this thought before we cover yesterday’s inflation report and Fed decision, only to revisit it before we conclude today’s letter. It felt surreally important given the recent wave of excitement surrounding replacing the current administration with a more bitcoin-friendly one: Like no other official document, the federal budget reveals our economic morality, our willingness to accept discipline, and our capacity to respond quickly to changing financial and economic conditions. The budget, set through the democratic process, says more about this nation, and what conditions it will tolerate, than any other measure. -Henry Kaufman, 1986 River is our Bitcoin exchange of choice. Securely buy Bitcoin with zero fees on recurring orders, have peace of mind thanks to their 1:1 full reserve multisig cold storage custody, and withdraw at any time. Need help? They have US-based phone support for all clients. Now introducing River Link 🔗allowing you to send Bitcoin over a text message that can be claimed to any wallet. Give a gift, pay a friend for dinner, or orange pill your friends, completely hassle-free. Use River.com/TBL to get up to $100 when you sign up and buy Bitcoin. Today’s topics CPI wrap Powell has spoken about rents falling for months The US government is lying to you, and apparently Powell is aware Globally coordinated cuts are still happening Treasury prices supported to weaken the dollar All-time highs in stocks are the most obvious signpost Bitcoin will eventually follow stocks Ethereum is still on death watch My thoughts on Donald Trump Personal share I couldn’t help but share this moment with you. My family and I are taking a few days in the 49th state to celebrate the end of the elementary school year and connect with nature. And did we ever today. Owing it all to a higher power, we were able to spot two separate pods of orcas and a pair of humpback whales engaging in some awe-inspiring surface feeding. Here is a clip of the second pod we witnessed—seven orcas peacefully patrolling Kenai Fjord. A moment to remember forever for my wife, daughter, and I: CPI is stabilizing, for real this time With both CPI and FOMC occurring on the same day, there was little doubt that Wednesday would move markets. Wednesday did not disappoint... Subscribe to The Bitcoin Layer to read the rest. Become a paying subscriber of The Bitcoin Layer to get access to this post and other subscriber-only content. Upgrade to paid A subscription gets you: TBL Pro members receive exclusive research and chartpacks TBL Pro members have access to live monthly Q&A Zoom discussions TBL Pro members can post comments and personally request analysis   Like Comment Restack   © 2024 Nik Bhatia 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe