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Markets update: bitcoin, rates, & CPI

CPI misses again as rates plummet. Bitcoin finding new buyers.

Nik Bhatia

Jul 11

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Dear Readers,

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Today’s letter rounds up the drama in markets of late. I have some all-important bitcoin price analysis, both on daily and weekly candles. We’ll also discuss the rage fest going the stock market, a huge miss on CPI, and of course, rate cuts. Finally, I’ll opine on a misconception, which is that lower rates will help housing. Sorry, but it’s not so easy. Rates are the superstar today, and housing is just an onlooker.

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A spectacular move

The move is in rates, but we’ll get to that shortly. First, CPI is back at 3%, exactly where it was a year ago before. Only this time, it’s happening with rents increasing at only 4% versus over 6%. All of our Redfin analysis and quick jokes about Jerome Powell doomscrolling spot rents were for a very specific reason: the rent is no longer too damn high...

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