Stronger US factory activity complicates Bitcoin’s hopes for lower rates
Summary
The ISM manufacturing production index rose to 59 in October, its highest reading since November 2021, while the overall PMI increased to 55.5, extending expansion to ten months. The prices index eased to 75.2 but indicated raw-material prices were still rising broadly. The survey measures the spread of changes, not actual output or inflation. The Federal Reserve held rates at 3.75%–4% on October 28, citing strong activity and elevated inflation; two officials favored a hike. Firmer activity and persistent cost pressures could keep rates higher, potentially weighing on crypto risk appetite, though resilient Bitcoin demand could offset that effect.
