Bitcoin’s rate cut relief stalls as service inflation flares
Summary
The ISM services PMI slipped to 54.5 in October but remained in expansion territory. Monthly prices eased to 73, while the 12-month average rose to 69.2, its highest since April 2023, signaling persistent cost pressure. Business activity and new orders softened, while employment strengthened. Respondents cited tariffs and fuel costs, with some firms yet to pass higher costs on to customers. The data may complicate expectations for Federal Reserve rate relief that could support Bitcoin, though the survey alone does not establish a market reaction. Investors awaited the October jobs report due Nov. 6.
