3.5% below expectations; on-chain data leads first, and the market reacts half a beat faster than the Fed

Coin World reports that data published by CryptoMichNL shows that in July 2026, CPI rose 3.5% year over year, below expectations of 3.8%. It declined 0.4% month over month, also below expectations of -0.1%. Core CPI rose 2.6% year over year, below expectations of 2.8%, and was flat at 0.0% month over month, below expectations of 0.2%. This data is a positive signal for any risk assets.