With July core PCE running at 3.3% y/y and 0.2% m/m, sticky inflation combined with elevated long-end yields (10-year near 4.7%, 30-year above 5.2%) creates a tough macro backdrop where high-duration tech valuations face double pressure. For Chair Kevin Warsh's Jackson Hole keynote—centered on "Financial Innovation: Implications for Payments and Policy"—he is likely to avoid explicitly spoon-feeding near-term rate cut promises, leaving Bitcoin and digital assets best positioned to capture speculative momentum if he adopts a forward-looking stance on payment rails, tokenized deposits, and stablecoin frameworks. Gold continues to serve as a solid hedge against sticky inflation and long-term fiscal debt dynamics, while Equities will likely remain constrained by high discount rates until long-end yields finally soften.