US September CPI rises to 3.7%, core inflation up to 2.6%

The significance lies less in the headline print than in the composition: a fuel-driven rebound tied to the Iran war is doing the work, while core's first uptick since May complicates the disinflation narrative. The cross-asset reaction — higher yields, a firmer dollar, sharp losses in gold and silver — shows markets treating this as a policy-path story rather than a growth story, with bets now leaning toward three more Fed hikes by end-2027. Whether core continues to firm, or proves a one-month blip, is the open question for rate-sensitive crypto and RWA positioning.