Crypto and broader financial markets are turning to next week’s US CPI and PPI data for signals about the Federal Reserve’s September rate decision. US nonfarm payrolls (jobs excluding farm workers) rose by 162K, far above Wall Street’s 53K forecast, reinforcing concerns that a resilient economy and persistent inflation could support a hawkish policy stance. The CME FedWatch Tool puts the odds of a September rate hike above 60%. Morgan Stanley nevertheless expects rates to remain unchanged, forecasting August CPI at 0.23% month over month versus 0.1% previously, core PCE inflation at 0.2%, and annual core inflation falling to 3.1% from 3.3% after revisions. Bitcoin and the broader crypto market retreated today, while investors also consider crypto prediction markets for hedging exposure to Federal Reserve rate decisions.