🥛CPI results are in… 👀
GM. This is the Milk Road. We're like Costco for crypto, without the hot dogs.
Here’s what we got for you today:
CPI numbers are in
This billionaire hedge fund manager is still bullish on crypto
Quick bites
Meme of the Day
THE CPI NUMBERS ARE IN
Ladies & gents, the results are in.
The latest U.S CPI (Consumer Price Index) numbers are out.
It's not pretty. September is up 8.2% YoY. aka the average price of goods & services is 8.2% more expensive than a year ago 🤬
That doesn't tell the full story though, just look at how much prices are up on these daily items over the past year:
Eggs: +30%
Breakfast cereal: +16%
Milk: +15%
Chicken: +18%
The Milk Road: still free
We're like you and the first thing we did when we saw the news was check…how are the markets reacting? It's been a wilder ride than the Fast and The Furious Trilogy this morning.
Prices were red across the board going into the announcement but it looks like things have started to recover over the last hour.
So, what now? The next date to watch is November 2nd when the Feds meet again. All eyes are on the man JP – Jerome Powell.
Many think we'll see a bigger hike (100bps) than what we've seen over the last few months.
Translation: buckle up. It could be a Rocky Road (and we ain't talkin Ben & Jerrys ice cream)
QUESTION OF THE DAY
We wanna know… how are you feeling about the markets right now?
a/ extreme fear – “Help mommy, I’m scared!”
b/ fear – I’m sleeping with the night light on during times like these
c/ neutral – call me Switzerland
d/ greed – Lovin’ the discounts! Keep em comin’
e/ extreme greed – Fear isn’t in my vocab. I feast while others diet
Reply to this email with your answer and we’ll add the results to tomorrow's edition!
PAUL TUDOR JONES SAYS HE STILL OWNS BITCOIN
Inflation is up. And so is the number of billionaires talking about crypto.
Earlier this week it was Paul Tudor Jones II.
If you don't know him, he's:
a billionaire (net worth of ~$7.5b)
legendary hedge fund manager – predicted the 87’ market crash & one of the few investors to record 5 straight, 100%+ return years
the founder of Tudor Futures Fund – a hedge fund that never had a losing year and averaged ~19.5% returns for 25 straight years
In other words, everything Paul touches turns to gold. Except for basketball. He quit after he didn't score a single point during his 6th-grade season. Sorry Paul, can't have em all.
And earlier this week he dropped some bombs on CNBC that got our attention.
The top 2 takeaways:
1/ It's time to bring out the ole "Recession Playbook"
prepare for stocks to drop more – he thinks another ~10% drop but says short-term interest rates will go up and then back down before the stock market actually bottoms
prepare for higher term premiums in the bond & stock markets
get ready for the long game – most recessions last about 300 days
2/ Crypto could see a big rally at some point
Paul thinks in a time when there's too much money, BTC and ETH could have some real value due to a "scarcity premium".
He also thinks at some point during the recession, the Fed will stop hiking rates. When that happens, assets that have been beaten down by tight policy could see a big rally, like crypto.
Our fingers are crossed, Paul. The Milk Road wallet looks like it's been beaten down by Mike Tyson.
So now to the million-dollar question, does Paul own any crypto? You bet he does. In fact, he’s been pretty public about allocating ~5% of his portfolio into Bitcoin.
If you’re keeping track at home, that’s… *checks notes*… 2 billionaire investors that have made bullish comments about crypto in back-to-back weeks.
Stanley Druckenmiller and now Paul Tudor Jones II. Warren, you next?
TODAY'S EDITION IS BROUGHT TO YOU BY SINTRA
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🧠 Twitter Mentions & Trending Sales
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Looking to up your NFT game? Look no further than Sintra and get started today!
QUICK BITES
JPMorgan and VISA are teaming up to make cross-border payments easier using blockchain technology. I can’t keep track of the companies teaming up. It’s like the NBA offseason all over again.
Microsoft and Facebook are partnering to bring Office 365 apps to the metaverse. Excel: from your nightmares to a metaverse near you.
Crypto.com is investing $145m to make Paris, France its new European HQ. Crypto.com saying Bonjour to friendlier crypto laws!
Offchain Labs, creator of Arbitrum, has acquired Prysmatic Labs, one of the core Ethereum software teams. The Merge of the Nerds.
MEME OF THE DAY
That's a wrap, ladies & gents. Stay thirsty & see ya tomorrow!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
A ROADERS REVIEW
VITALIK PIC OF THE DAY
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
