Inflation YoY

Headline CPI includes everything; core strips food and energy to show the underlying trend the Fed actually steers by. Both are year-over-year changes in the official index — the number that sets the policy weather for every risk asset.

The 2021–2023 spike to 9% and its aftermath created the QT regime that defined crypto's last bear market. Inflation returning toward the 2% target is what allows easing — which is why this unglamorous line sits upstream of most charts on this site.