The tariff inflation narrative that markets were bracing for never quite materialized as expected. It's one of those rare moments where the anticipated headwind turned into a non-event—the economic equivalent of the dog that didn't bark.

For crypto traders and asset allocators, this shift in inflation expectations reshapes positioning significantly. When tariff-driven price pressures fail to materialize, it alters the entire thesis around hedging strategies and commodity correlations.

What seemed like an inevitable inflationary spiral from trade barriers ended up being absorbed differently across markets than consensus forecasts suggested. Worth noting for anyone reassessing their macro outlook and portfolio construction in light of how real-world data diverges from anticipation.