The ISM Services PMI came in at 54.1% in July, marking the 25th consecutive month of sector expansion despite economist forecasts of 54.5%. The Prices Paid Index surged to 70.3%, signaling a re-acceleration of inflationary pressures in services, while the Employment Index fell to 47.4%, entering contraction territory. Business Activity reached 59.1% and New Orders hit 57.2%, reflecting sustained demand. Bitcoin experienced immediate volatility following the report’s release as traders recalibrated their expectations around the timing and magnitude of potential Federal Reserve rate cuts.
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