According to The Kobeissi Letter, leading inflation indicators are turning upward, with the New York manufacturers' prices paid index surging to 51 points in April 2025—the highest level since August 2022. Similarly, the Philadelphia manufacturing prices paid index also climbed to 51, its peak since July 2022 (source: The Kobeissi Letter on Twitter). Rising input costs in these key regional manufacturing hubs signal accelerating inflation pressures, which could prompt tighter monetary policy from the Federal Reserve. For crypto traders, this environment often leads to increased volatility as investors reassess risk assets like Bitcoin and Ethereum, given their historical sensitivity to inflation data and monetary policy shifts.