U.S. September CPI annualized at 3.7%, slightly higher than expected and up from last month’s 3.4%. After gradually rising from 2.4% at the start of the year, it remains stubbornly elevated. Core CPI also exceeded expectations, with a monthly increase of 0.3%. Markets are now pricing in additional Fed rate hikes ahead, with growing speculation that another move could come before year-end. For crypto, expectations for rate cuts and improved liquidity are being pushed further into the future. Prices dropped following the data release—another healthy correction to shake out weak holders.