The ISM manufacturing prices index rose to 77.9 in September, up 6.8 points from August, with 58.6% of respondents reporting higher input costs versus 46.2% the prior month. New York Fed President John Williams suggested another rate increase could be appropriate late this year if the economy followed his forecast. This combination of persistent cost pressures and monetary tightening concerns could make Bitcoin financing more expensive and dollar-denominated assets more attractive. Friday’s US jobs report will test these rate expectations.
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