PPI data released today has reinforced Fed rate hike expectations, driving DXY higher (+0.16% to 99.62) and pressuring risk assets — SPX is off 0.48%, gold down 0.58%, and BTC has pulled back to the $77.1k area. US10Y at 4.96% reflects persistent tightening pressure and a hawkish macro backdrop. Geopolitical risk is elevated: Iran/Saudi tensions are escalating ("on all fronts"), and the DOJ's $61M Iran crypto-laundering case adds regulatory headline risk specific to crypto — monitor for contagion to risk sentiment intraday.