US PMI Data Rises, Interest Rate Hike Expectations Increase, Oil Prices Surge, Bitcoin and Gold Decline

Economic activity in the US has accelerated, but price pressures have also intensified. The preliminary composite PMI data for September rose from 56.0 to 58.4, reaching its highest level since July 2021. The new orders index increased from 55.2 to 58.2. The input prices index rose from 59.9 to 66.4, indicating an increase in cost pressures. Federal Reserve Board Member Michael Barr stated that additional policy adjustments will be necessary for inflation to return to the 2% target. The yield on US 10-year Treasury bonds rose to 5.081%, the highest level since July 17, 2007. The dollar index surpassed 101, while spot gold fell below $4,300 and Bitcoin dropped below $84,000. The interest rate for a 30-year fixed mortgage in the US rose to 7.12%, with total mortgage applications declining to the lowest level in the past 15 months. Additionally, as talks between the US and Iran continue, oil prices have also risen; WTI reached $94 per barrel, while Brent surpassed $100.

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