Bitcoin’s rate cut relief stalls as service inflation flares

US services growth slowed in October, while the survey’s 12-month average prices index reached its highest level since April 2023. Persistent cost pressure complicates the case for rate relief that could support Bitcoin.The Institute for Supply Management’s (ISM) October services report, released Nov. 4, put its headline PMI at 54.5, down from September’s 54.9. The reading remained above 50, indicating that services activity was still expanding.The monthly prices index also eased to 73 from 74, but its 12-month average rose to 69.2, the highest since April 2023. The longer view points to persistent cost pressure even as the latest monthly reading retreats.ISM’s diffusion indexes measure the direction and breadth of reported changes. A prices reading of 73 summarizes those survey responses, while an inflation rate measures the size of price changes in percentage terms. The rolling average summarizes that pressure across a longer window.Business activity and new orders eased to 53.8 and 55.9, respectively, while the employment index rose to 51.4. Hiring strengthened alongside softer demand measures.01 / SERVICES PMIExpansion slowsSEPOCT54.954.548505458Above 50: services expandingSept...