Regardless of the what the Fed says or does the long end of the treasury yield curve (10s, 20s, 30s) continues to reject the inflation narrative. The yield spread between the 2s and 10s is now at it's most negative point since before the Dotcom Bubble more than two decades ago. As evidenced below the 2/10 inversion has been a consistently reliable recession indicator going back at least 40 years and the inversion itself has already occurred on two separate occasions since the beginning of the 2022.
There has been no material change in the direction of the global economy and the high CPI print seems to indicate that the Fed will continue hiking rates, possibly inverting the yield curve even moreso. As a result, I expect a further leg down in not only equities but unfortunately Bitcoin as well. USD liquidity problems still persist within the eurodollar system with no signs of abating anytime soon.
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