Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, July 12th, and today we're talking about inflation,

which has hit its lowest point in two years. Before we get into that, however, if you are

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slash breakdown pod. Hello friends, happy Wednesday, happy hump day. Now, you might have noticed

that inflation has become a much smaller topic of conversation around the breakdown lately.

There was a stretch there where we were really hanging on every report. It was one of the big days

each month when we got the previous month's inflation numbers reported back to us. Now, the reason

it's gone down in importance generally in the macro sense is a few parts. One, it seemed on a fairly

clear downward trajectory. There's been a lot less of a sense that we were likely to see

some big jump up that we weren't anticipating, and as soon as something gets more routine or

expected, it stops having the same impact that it might have had before. A second factor is that

the closer we get to the end of the Fed cycle, in terms of what they're saying, not just what

we're speculating, the more that markets are already looking past that. Remember, the job of markets is to be forward-looking. For a long period

there, they couldn't really be forward-looking, because every time that they were, every time that

they anticipated a Fed pause or a Fed pivot, some new piece of data would come and slap them back

to reality, and so we just continue to circle around

the drain where we were. Now, however, while there might be disagreements about whether there's

going to be any hikes left or how many, we know that it's not very many compared to how many

...