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CPI came in at 3.4% against core at 2.4% — the energy gap visible in a single number. Brent hit $109 after Saudi Arabia reported crude production at its lowest since 1990. September hike odds ran from 61% on Polymarket to 76% on CME FedWatch before the release. The core print was soft but the market was already selling off on energy — a hot core would have removed even the argument being ignored. $BTC held near $77,000, right at the lower edge of the $77,100-$80,000 supply absorption zone.