According to @KobeissiLetter, Fed Chair Jerome Powell said on May 4, 2024 that he did not see stagflation, yet 18 months later inflation remains above 3% and the labor market is at its weakest since the pandemic, leading to the call to own assets, source: @KobeissiLetter. According to the Federal Reserve, its dual mandate targets 2% inflation and maximum employment, so persistent 3%+ inflation and labor softening are pivotal for the policy path and financial conditions that influence USD, rates, and risk assets including crypto, source: Federal Reserve. According to @KobeissiLetter, traders positioning for this backdrop can favor exposure to scarce and risk assets and should monitor CPI, nonfarm payrolls, unemployment data, and Treasury yields as catalysts that can affect liquidity and pricing in BTC and ETH during macro volatility, source: @KobeissiLetter.