Finimize - 🤓 Economists were wrong

Hi Reader, here's what you need to know for June 13th in 3:12 minutes.

🥳 Time to hang up the celebration banners: the Finimize NFT Fest officially kicks off this week. Join us for a day of souped-up Q&A and workshop sessions, and get a masterclass in all things digital from an all-star line-up of industry experts. Oh, and you’ll get a free NFT domain courtesy of Unstoppable Domains too. Check out the agenda and RSVP here

Today's big stories

US consumer prices rose by more than expected in May
Our analyst knows just where to look if you’re hunting for crypto in a bear market – Read Now
Commodities trading giant Trafigura reported record half-year profits

Peaks And Valleys

What’s Going On Here?

Data out on Friday showed that consumer prices in the US rose by more than expected last month, dashing optimistic economists' hopes.

What Does This Mean?

Economists were hopeful that Friday’s inflation report would bring some good news, especially since the last two reports had shown signs that US consumer prices might’ve already peaked. Add in the fact that current price data is starting to be compared to 2021’s elevated prices, and you’d think the uptick would, you know, come down.

So imagine their disappointment when Friday’s data revealed that US consumer prices rose by a higher-than-expected 8.6% last month compared to the same time last year – a fresh over-40 year high. You can blame a lot of that on still-rising energy prices, including the exorbitant prices you’ll find at the gas pump these days. And wages just aren’t rising fast enough to keep up with those higher costs: inflation-adjusted wages fell 3% in May, marking the fourteenth straight month of declines.

Why Should I Care?

The bigger picture: Risky business.
Gas prices hit new record highs this month, which could be a sign that even higher inflation figures are still to come. That could force the Federal Reserve to bring in more aggressive interest rate hikes to try and curb the rise, but that move could slow down the economy even more. That’s risky: some economists already predict a recession at some point next year, and more rate hikes would only make that more likely.

Zooming out: Cathie’s still holding on.
At least someone has hope: renowned investor Cathie Wood – manager of the ARK innovation fund – thinks the huge inventories that some US companies are holding could end up cooling inflation going forward. After all, if retail giants like Target start selling billions of dollars worth of stock at huge discounts, then that should do its bit to pull down those consumer prices.

You might also like: How to survive the post-rate hike apocalypse.

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Analyst Take

How To Find A Needle In A Crypto Haystack

By Jonathan Hobbs, Analyst

If anyone ever tells you they know which coins or tokens will make the best crypto investments, don’t believe a word of it. The truth is nobody knows.

But what you can do is build a diversified portfolio with bitcoin, ether, and a range of the leading coins and tokens across some key parts of the crypto landscape.

And this way, you’ll stand a better chance of finding a few diamonds in the rough.

So rather than waiting until the bull market (eventually) returns, use this bear market as an opportunity to design your ideal crypto portfolio.

So that’s today’s insight: how to spread your bets among the core crypto sectors so you cover all your bases.

Read or listen to the Insight here

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