The ISM services prices index rose to 74.0 in September, its highest level since July 2022, signaling intensifying cost pressures on businesses. The headline services PMI eased to 54.9 from 55.4 while employment returned to expansion territory at 50.1 after two months of contraction. Fed Vice Chair Philip Jefferson said on October 1 that upside inflation risks had tilted upward following September’s rate increase that brought the federal funds target range to 3.75%-4.00%. Bitcoin traded near $85,580 on October 6, and this combination of slower growth and persistent costs could keep leveraged Bitcoin positions exposed to restrictive financing conditions.
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