June headline CPI printed -0.1% MoM, pulling annual to 3.9% from 4.2%. Bitcoin briefly cleared $64K. Core CPI held at 2.9% — sticky enough to keep a July hike technically on the table. Fed Chair Warsh testifies this week; June minutes flagged AI-driven energy demand as a fresh inflation input; Trump's reinstated Iranian-shipping blockade has crude back above $80. The hardest money did what the hardest money does when the fiat ruler stretches — it took the bid.