US PMI Report Could Shape Crypto Risk Ahead of Fed Meeting
S&P Global is scheduled to release preliminary October U.S. PMI figures on Friday, five days before the Federal Reserve’s Oct. 28 policy meeting. Forecasts suggest a modest slowdown, with manufacturing at 55.6 and services at 57.9, though both remain above the 50 expansion threshold. Investors expect the Fed to hold rates, while fully pricing a December increase, and the data could affect risk appetite in crypto markets.
S&P Global’s preliminary October U.S. PMI release is due Friday, Oct. 23, five days before the Fed’s Oct. 28 meeting. Forecasts put manufacturing at 55.6, down from 55.9, and services at 57.9, down from 58.8; September’s composite reading was 58.4. All remain above 50, indicating expansion.
The Fed is widely expected to hold rates on Oct. 28 after a 25-basis-point September hike, while CME FedWatch shows markets fully pricing a December increase. Separately, the UK composite PMI rose to 53.1 from 52.0, and the BoE is expected to raise rates Nov. 5.
Crypto traders and retail investors may react to rate expectations, with stronger data potentially reducing risk appetite and weaker data possibly supporting digital assets. Households and businesses could feel indirect effects through borrowing costs and financial-market volatility if the PMI shifts Fed expectations. Because crypto markets trade continuously, sentiment may move quickly, but the data alone may not determine policy or long-term outcomes.