📉 SINGAPORE CPI MISS: THE "NO HEAT" NARRATIVE GAINS GROUND
Singapore's November CPI print just delivered a cool, steady 1.2%—below the 1.3% economist forecast. Core CPI also matched at 1.2%.
This isn't a shock, but it's a confirmation: inflation in one of Asia's most critical financial hubs is not re-accelerating. It's contained.
THE MACRO TAKEAWAY:
· Services inflation ticked up (sticky), but retail goods & utilities kept the overall number muted.
· This supports the global "soft landing" narrative. Central banks, including the Fed, get more runway to hold or cut rates without panic.
· For crypto, this is neutral-to-positive. A stable, predictable macro environment where liquidity isn't being urgently withdrawn is fertile ground for risk assets.
WATCH THE TRANSMISSION:
· This data reinforces the 2026 Fed rate cut expectations. Lower for longer remains the base case.
· Bitcoin continues to trade as a liquidity hedge. No inflation spike = less pressure on central banks to tighten = potential liquidity tailwinds.
BOTTOM LINE:
No fireworks here. Just another piece of calm, disinflationary data from a major economy. In today's fragile market, "boring" is bullish.
The path of least resistance for global liquidity remains steady or expanding. That's the environment where crypto thrives.
