Looks like the tariff pass-through cycle is finally losing steam. Once that pressure eases off, we should see some real disinflation kicking in—and that's the narrative starting to shift rate expectations for 2025.

Market watchers are now pricing in anywhere from one to three Fed rate cuts this year, depending on how the inflation data rolls out. The earlier wave of tariff-driven price pressures seems to be moderating, which could open the door for more aggressive monetary easing than we were seeing a few months back.

For traders watching macro trends, this is the kind of environment where asset correlations start breaking down—crypto included. When real rates are on the table for a reset, capital tends to hunt for yield in less traditional places. Keep your eyes on CPI prints and Fed commentary; they'll signal the timing better than most forward indicators right now.