According to CoinMeta, inflation is still higher than market expectations, but the gap has gradually narrowed since May 2026. This indicator compares actual CPI inflation with 10-year breakeven interest rates. A positive difference means that inflation is still unexpectedly driving the market, but recent declines indicate that the pressure is gradually weakening. Historically, significant changes in this gap have had a significant impact on liquidity, risk assets, the S&P 500, and Bitcoin. It is a macro trend that deserves close attention.