According to Charlie Bilello, Core PCE inflation registered 2.8% year over year in September, remaining above the Federal Reserve’s 2% target (source: Charlie Bilello, Dec 5, 2025). Bilello also notes that this 2.8% reading is higher than any point between July 1993 and March 2021, underscoring persistent inflation pressure versus the target (source: Charlie Bilello, Dec 5, 2025). Despite this, Bilello reports that markets are pricing another 25 basis point rate cut next week, setting up a key macro catalyst for rate-sensitive assets (source: Charlie Bilello, Dec 5, 2025). For trading, monitor how this policy path repricing impacts Treasury yields, the US dollar, and liquidity conditions that crypto traders track, with attention to BTC and ETH positioning and implied volatility into the decision window (source: Charlie Bilello, Dec 5, 2025).