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Stocks declined as January’s PPI print exceeds the market expectation. Together with hot CPI readings and retail sales, the recent economic data suggests the elevated Fed fund rate may have not yet tamed inflation effectively. What’s worse, hawkish comments from Fed officials lifted the probability of a 50bps increment in March, fueling worries over a higher terminal rate.
Meanwhile, the broader cryptocurrency market trimmed early gains, with Bitcoin and Ethere down by 3.31% and 0.67%, respectively in the past 24 hours as of the time of writing. The top mover for today, MATIC, registered a 24-hour increase of 4.72% after reaching an 11-month high on Thursday, outperforming the broader market due to the scheduled launch of zkEVM and a slew of partnerships.