Research released by the University of Michigan on October 23 shows that US consumers' long-term inflation expectations remain above comparable levels in 2019 and 2024, reaching 3.5% (up from 3.4% in September), while year-ahead expectations are at 4.7% (up from 4.6% in September). These persistently elevated inflation expectations could complicate the Federal Reserve's efforts to ease financing conditions, thereby impacting Bitcoin's financing conditions through policy and investor risk appetite. The Federal Reserve believes that anchored inflation expectations help inflation return to its 2% target and support moderate long-term interest rates; thus, persistently high inflation could limit monetary easing.