The US services price gauge rose to 74.0 in September, marking its highest reading since July 2022 and surpassing August's 72.6. This occurred even as the overall services PMI eased to 54.9 from 55.4, and business activity dropped to 56.5 from 61.7, though both remained above the 50 expansion threshold. Employment, however, returned to slight expansion, rising from 47.8 to 50.1.

This combination of slower growth and more widespread reports of rising input costs could keep leveraged Bitcoin positions exposed to restrictive financing conditions, as the prospect of rate relief becomes uncertain. Federal Reserve Vice Chair Philip Jefferson had previously stated on October 1 that inflation risks tilted upward.