Liquidity Stress Builds as ETF Outflows and Macro Pressure Collide

Inflation reaccelerated to 3.8% in April, the highest since May 2023, with the 10-year at 4.61% and markets pricing a Fed hike under newly confirmed Chair Warsh. The Iran oil shock continues to feed through energy at +17.9% and shelter, while apparel, airlines, and household goods face two more quarters of tariff pass-through. Inside crypto, BTC funding is negative while altcoin long/short ratios stretch and ETF outflows persist; the mix is not a regime change.