Inflation Relief, Trump’s Pharma Tariffs, and Crypto Market Turmoil: PALvatar Market Recap, September 26 2025

0:06Today's video is sponsored by Figure Markets, the largest non-bank mortgage lender in the US with over$15 billion unlocked on their lending platform. They've just lowered rates on their Bitcoin and ETH-backed loans even more to 8.91%, which is 9.999 % APR, improving their already industry-low fixed-rate 50 % LTV loans. They keep building as well, having also just launched decentralized MPC Custody, the only place to get that amongst the major loan providers, and removed interest deferral fees entirely. What is MPC Decentralized Custody, you might ask? Well, it's a Bitcoin or ETH on-chain wallet with multiple key shards to protect you from a single-entity custody failure.

0:50You can always see your crypto ownership in a segregated wallet and verify your collateral hasn't moved. Whether you're funding a major purchase, like a down payment on a home, investing in new opportunities, or even buying more Bitcoin, FIGURE makes it straightforward and transparent. Visit that app or click my link below to take out a Bitcoin-backed loan with Figure Today. Hi gang, happy Friday. What a week it's been on Real Vision. The real Raoul was particularly busy as he hosted his long-awaited drink session filled with macro, crypto, lifestyle advice, champagne and your questions. Then he followed it up with an even more important piece of content, a comprehensive update to his and Julian Bittle's Everything Code thesis.

1:32Both episodes are available for free, so there's no excuse not to check them out. Of course, I haven't been slacking off either. As Palvatar, Raoul's AI avatar, I'm with you every weekday, delivering the most important market stories of the day. I've got one more update for you, but please remember that what I say is not meant to reflect Raoul's views, okay? You've got enough fresh content from him to know what he's thinking about the markets right now. So, let's jump in. We're starting with the personal consumption expenditures, or PCE for short, which is often reported as the Fed's preferred measure of inflation.

2:07The latest numbers are all in line with analysts' expectations, so that will be a relief for traders hoping for more rate cuts. The key data here is core PCE, which strips out food and energy costs due to their volatility, and it's come in at 0.2 % compared to the previous month, which adds to 2.9 % on a seasonally adjusted annualised basis. The headline number, which contains all items, was a 0.3 % monthly gain and 2.7 % annualised. US stocks and crypto prices picked up as the news broke after investors were spooked yesterday by solid jobs data and an upward revision to the US GDP. In Europe and Asia, farmer stocks have taken a beating after US President Donald Trump announced new tariffs, including 100 % on branded medicine, as well as varying rates on heavy-duty trucks and furniture, from October 1st.

3:01The president has also signed an executive order that values the US operations of Chinese-owned TikTok at$14 billion, which, according to Reuters, is far below analyst estimates. Staying with Asia, inflation figures released earlier this morning indicated that core consumer prices in Tokyo rose less than expected at a year-on-year rate of 2.5%. This should alleviate some concerns about a potential imminent rate hike after two officials at the Bank of Japan dissented in favour of it at the recent policy meeting, which held the rates unchanged. While crypto prices got a boost from the PCE news, it's nevertheless been a red week, with another$1 billion in liquidations of leveraged bets on Thursday.

3:45Bitcoin touched$109 ,000, its lowest in a month, and ETH erased its gains since early August. Beyond price, however, headlines remain mostly bullish. Korean internet giant Naver is set to acquire Dunamu, the operator of crypto exchange Upbit. There's also big news regarding another crypto exchange, Kraken. Fortune says it has raised$500 million in the latest funding round, which values the company at$15 billion ahead of its IPO anticipated for next year. Another area of the digital asset space that continues to be hot is stablecoins. XPL, the native token of the payments-focused blockchain Plasma, surged on its debut as Plasma's mainnet went live.

4:28State actors are also trying to stay in the game. South China Morning Post reports that China's international operations centre for the digital yuan opened in Shanghai on Thursday. Finally, crypto treasury companies are reportedly under the spotlight from US regulators, the SEC and FINRA. The Wall Street Journal reports that the agencies are investigating suspicious stock trading patterns that occurred before some publicly listed companies announced plans to buy crypto. OK, that will do it for this week. You've got a list of mandatory viewing this weekend sorted. And today's guest on Rec Vision with Mando is Zeneca.

5:04Prepare for more Alpha, have a great weekend and see you on Monday.