US July PPI came in at 4.7% YoY, below 4.9% expected and the lowest since March, while monthly PPI was flat versus 0.2% forecast. Combined with July CPI easing from 3.5% to 3.4%, this is two straight months of moderating inflation, and market-implied odds of a September Fed rate hike fell to roughly 40%.
Matters because: Softer inflation supports risk assets like BTC/ETH, but hawkish Fed commentary keeps the signal mixed.