One-year inflation expectations are ticking up again. The NY Fed's latest numbers show them climbing to 3.42% in December—up from 3.2% the month before. That's a meaningful shift, and it matters for how we think about portfolio positioning in this market cycle. Higher inflation expectations typically reshape both traditional asset allocation and crypto market dynamics. Traders watching macro trends will want to monitor how this feeds into broader Fed policy expectations and what it means for risk assets going forward.