U.S. inflation pressure persists, rate cut expectations face headwinds. Latest macro data shows producer-side inflation running hotter than anticipated: November PPI came in at 3.0% against the 2.7% consensus forecast, while core PPI also hit 3.0% versus the expected 2.7%. This marks the strongest reading since July 2025. The stickiness in producer prices puts the Fed in a tough spot heading into the next policy meeting. With inflation not cooling as quickly as hoped, expectations for an imminent rate cut have largely evaporated. The central bank appears locked into a holding pattern, at least for the near term. For crypto markets, this matters significantly—tighter monetary policy typically pressures risk assets, while any pivot toward cuts usually lifts sentiment. Right now, the data suggests the Fed stays patient rather than rushing toward stimulus.