September CPI inflation hits 3.7%, above expectations, triggering Treasury yield rise and crypto market selloff.
Macro & Markets ·
September's consumer price index climbed to 3.7% year over year, exceeding the 3.6% forecast, with gasoline prices surging 9.1% in a single month. The reading pushed odds of a Federal Reserve rate hike at its late October meeting to roughly 44-49%, double the prior 22% estimate, while the 10-year Treasury yield reached approximately 5.3%. Bitcoin declined 1.5% to $82,142, Ethereum fell 2.8% to $2,440, and crypto market liquidations exceeded $281 million over the preceding 24 hours, with the total crypto market cap contracting 0.7% to $2.8 trillion.