According to Edward Dowd, he asserted that undocumented immigration has boosted US economic activity and put a floor under the housing market via rental demand. Source: Edward Dowd on X (Dec 5, 2025). For traders, rental-driven demand is material because shelter comprises roughly one-third of the CPI basket, a key input for Federal Reserve policy expectations that drive rates, the dollar (DXY), and cross-asset risk appetite. Source: U.S. Bureau of Labor Statistics CPI relative importance; Federal Reserve FOMC communications. Crypto market participants should note that changes in US inflation and rate expectations have been associated with co-movements between equities and major cryptocurrencies such as BTC and ETH, making CPI shelter prints and housing data potential volatility catalysts. Source: International Monetary Fund analysis on crypto–equity correlations; Federal Reserve communications on the role of inflation in policy. Equity and macro proxies to monitor include US REITs and homebuilder ETFs (VNQ, XHB, ITB) for housing sensitivity, 2-year Treasury yields for policy-path repricing, and DXY for dollar liquidity impacts that often spill over into crypto liquidity conditions. Source: Vanguard (VNQ) and State Street/BlackRock (XHB, ITB) fund documents; U.S. Treasury yield benchmarks; ICE U.S. Dollar Index methodology.