Bitcoin Rebound Stalls on Surging U.S. Manufacturing Costs
The U.S. manufacturing sector is experiencing rising input prices, which could hinder Bitcoin's rebound towards $85,000.
Data released by the Institute for Supply Management (ISM.US) showed that the manufacturing price index rose to 77.9 in September, a sharp increase of 6.8 points from August's 71.1.
This surge is attributed to a broad-based nature of cost pass-through, with 58.6% of surveyed companies reporting higher input costs compared to 46.2% in August.
The Federal Open Market Committee (FOMC.US) raised its target interest rate range by 0.25 percentage points to between 3.75% and 4% on September 16, amid expectations of further rate hikes.
New York Fed President John Williams stated that another rate hike later this year could be appropriate if the economy unfolds as projected, but emphasized no signs indicating price volatility will turn into persistent inflation.