A lower-than-expected inflation reading, due at 21:30 Beijing time today, could boost expectations of a rate cut by the Federal Reserve, pushing Treasury yields lower and the dollar weaker in favour of risk assets such as bitcoin. But the two-year inflation swap rate has risen to 2.8 per cent, the highest since early 2023, according to Mott Capital Management, indicating that the market expects inflation pressures to rise in the future. Analysts at BlackRock and Royal Bank of Canada believe that continued service sector inflation and wage growth above the Federal Reserve's 2% target may force the Federal Reserve to maintain high interest rates. According to CME data, the market expects the Federal Reserve to cut interest rates only once this year or stand still. Bitcoin is currently in the range of 90,000 to 110,000 dollars, and a short-term breakthrough is unlikely.