This episode is sponsored by Nexo.ioChainalysis and FTX US.

July’s inflation report provided the first glimmers that the U.S. might have turned a corner in its fight against inflation. For the past several days, investors have been betting on a continuation of that trend from July into August. Unfortunately, the inflation print for August came in hotter than expected, sending markets reeling and increasing the odds of more drastic Fed rate hikes down the road.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at