U.S. factory activity strengthened in October, with the ISM Production Index rising to 59.0, potentially complicating Bitcoin's hopes for rate cuts. A report released by the Institute for Supply Management (ISM) on November 2 showed its Production Index rose to 59.0 from 56.7 in September, reaching its highest level since November 2021. The Manufacturing PMI also increased from 54.5 to 55.5, marking the tenth consecutive month of expansion. Although the scope of factory price increases narrowed (the Prices Index fell from 77.9 to 75.2), raw material prices have risen for 25 consecutive months. This growth, coupled with persistent cost pressures, could complicate the Federal Reserve's rationale for cutting interest rates, even though stronger economic activity might support risk appetite.