Last week was packed with macro events. August CPI data confirmed the ongoing slowdown in inflation, and the first presidential debate reset Trump’s early lead. BTC rallied ahead of the CPI data release but sold off after the debate. Fortunately, the selloff was short-lived as the market turned its focus to the September FOMC meeting, anticipating the first rate cut since March 2022. Notably, the probability of a 50bps cut, instead of 25bps, surged from under 20% to 50%, as more Fed insiders advocate for a larger cut. Risky assets ended the week reversing their losing streak, with the S&P 500 up ~4% and BTC up ~7.5%.