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Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what we unpack in today’s edition: 

Why inflation is the wrong figure to watch when trying to predict Fed policy. 
An update on the bitcoin miners wading deeper into AI.
BTC has rebounded a bit. Meanwhile, its correlation to equities continues to slide.

Unemployment is the issue, not inflation

To understand the Fed’s policy path moving forward, you need to be looking at the unemployment side of the mandate,…

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