Clarity Act, ETF inflows, and Bitcoin's October bottom

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RISK ON GOES ON

The Milk Road Macro Index has flipped to RISK ON.

Hold for applause.

Source: Milk Road Macro Index

Well actually, it’s been RISK ON since last week, but as of the time of writing, it’s already pulling back a tiny bit.

Before you start booing, let me explain.

The headline allocation posture fell from +0.43 (yesterday) to +0.30 (today).

Source: Milk Road Macro Index

The macro buffer held at +0.50 and stress at +0.00, but both inputs are about to face tests. Specifically, tomorrow’s July CPI and the August 14th GDPNow revision.

The stakes on CPI are sharper now. Even if the topline print shows some cooling, there could still be things in the data that tip inflation worries.

Consensus sits around 0.32% for month-over-month, which is above the roughly 0.20% run rate our framework treats as the inflation tipping point.

Blu Dot surpasses 2,000% ROAS with self-serve CTV ads

Blu Dot used Roku Ads Manager to drive incredible results for its furniture sales event. Its strategy hinged on custom audiences and retargeting, where intent was strongest.

“Roku has been a top performer,” said Blu Dot’s Claire Folkestad. “We have seen…CPMs lower than any other CTV partner we've worked with.”