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#StagflationAlarm The market spent two years preparing for recession. It may not be prepared for stagflation. The latest data delivered a difficult combination for investors: US PPI rose 6.5% YoY versus 6.4% expected, while monthly producer inflation jumped 1.1%, the largest increase since 2022. At the same time, jobless claims climbed to 229K, well above the 219K forecast. Rising inflation is manageable. A weakening labor market is manageable. Both happening together is where problems begin. What concerns me isn’t the data itself, but the policy dilemma it creates. Central banks can fight inflation or support growth, but doing both at the same time becomes increasingly difficult. The ECB’s move from 2.0% to 2.25% highlights how policymakers are being forced to choose. For risk assets, this is where volatility often accelerates. Capital starts rotating faster, conviction weakens, and markets become far more sensitive to every economic release. The biggest risk may not be higher inflation. It’s the possibility that inflation stays high while growth keeps slowing. If that happens, where does global liquidity go next: bonds, gold, or $BTC? #StagflationAlarm @OKX Orbit