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Bitcoin’s rate cut relief stalls as service inflation flares

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Bitcoin’s rate cut relief stalls as service inflation flares

US services growth slowed as persistent price pressures cloud Fed rate cuts and Bitcoin's prospects for gains.

US services growth slowed in October, while the survey’s 12-month average prices index reached its highest level since April 2023. Persistent cost pressure complicates the case for rate relief that could support Bitcoin.

The Institute for Supply Management’s (ISM) October services report, released Nov. 4, put its headline PMI at 54.5, down from September’s 54.9. The reading remained above 50, indicating that services activity was still expanding.

The monthly prices index also eased to 73 from 74, but its 12-month average rose to 69.2, the highest since April 2023. The longer view points to persistent cost pressure even as the latest monthly reading retreats.

ISM’s diffusion indexes measure the direction and breadth of reported changes. A prices reading of 73 summarizes those survey responses, while an inflation rate measures the size of price changes in percentage terms. The rolling average summarizes that pressure across a longer window.

Business activity and new orders eased to 53.8 and 55.9, respectively, while the employment index rose to 51.4. Hiring strengthened alongside softer demand measures.

October’s growth and monthly prices readings eased. The 12-month prices average still reached its highest level since April 2023.

The prices index eased from 74 in September to 73 in October; it still indicated rising prices.

The average rose to 69.2, its highest since April 2023. This milestone belongs to the longer window.

A softer monthly reading can coexist with sustained cost pressure, leaving rate relief uncertain.


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