Bitcoin · Wall Street · Federal Reserve (FED) · CryptoSlate
US factory costs spike, threatening Bitcoin’s rally above $85,000
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US manufacturers reported more widespread input-price increases in September, raising a potential financing risk for Bitcoin if investors respond by expecting higher interest rates ahead of Friday’s jobs report.
Key facts
- The Institute for Supply Management’s Oct. 1 release put its manufacturing prices index at 77.9, up 6.8 points from August’s 71.1
- The policy backdrop already includes a completed increase by the Federal Open Market Committee, which raised its target range by a quarter percentage point to 3.75% to 4% on Sept. 16
- Bitcoin is +2.09% over the past 24 hours and currently sits at rank # 1 by market cap
- The Bureau of Labor Statistics schedules September’s Employment Situation for Oct. 2, and the ISM’s manufacturing employment reading cannot substitute for that national report
Summary
01 September’s ISM manufacturing prices index rose 6.8 points to 77.9 while new orders and employment remained in expansion. 02 Williams’s conditional case for another late-year rate increase puts Bitcoin’s financing costs and competing dollar returns in focus. 03 Friday’s US jobs report will test the rate outlook, while manufacturing employment alone cannot establish national payroll growth. The Institute for Supply Management’s Oct. 1 release put its manufacturing prices index at 77.9, up 6.8 points from August’s 71.1.