CPI came in soft, stocks cheered… but Treasury yields rose. What’s really going on? Noelle Acheson, author of Crypto Is Macro Now, joins Maggie Lake to unpack why the inflation data may be misleading, why the bond market isn’t buying the narrative, and what the tariff pause could actually mean for markets. She also breaks down what Coinbase entering the S&P 500 signals, why ETH is outperforming suddenly, and why the dollar’s slide could fuel the next leg for crypto and risk assets.For more from Noelle: https://www.cryptoismacro.com/Quick announcement: Maggie is catching up with the wonderful Juliette Declercq at the Mauldin Economics 2025 SIC Conference later this month. You can grab a ticket for what is an amazing line-up here: https://www.mauldineconomics.com/go/J...Disclosure: This is an affiliate link, which means we may earn a commission if you get a ticketDon't miss out on future episodes - get on the list here: https://maggielake.markets/notify-meConnect with me on Substack: https://maggielake.substack.comConnect with me on Twitter: https://x.com/maggielake*We know you get this, but gotta say it anyway - this show is for informational purposes only and is not financial advice.Chapter:00:00 - Introduction with Noelle Acheson 03:10 - Why the U.S. Dollar Is the Biggest Warning Sign05:10 - When Does the 10-Year Yield Kill the Rally?07:20 - Where Does This Leave the Fed? Policy Traps Ahead10:20 - How Current Market Conditions Are Impacting Crypto14:05 - Digital Assets and Regulation in Washington18:40 - Building Sophisticated Crypto Markets: Institutions, Tokenization & Education21:30 - Gold on the Blockchain: Real or Hype?24:20 - What’s Wrong with European Assets Right Now?30:30 - Uncovering New Opportunities “In the Box”