US September CPI Due Tonight, Fed Meeting Oct 27-28 in Focus

The setup matters more than the print: a hotter headline into a Fed meeting days away puts the inflation-versus-growth trade back in play across dollar, Treasuries and gold, with bitcoin again trading as a macro-sensitive asset rather than on its own narrative. The gap between headline and core is the tell — if energy or food is doing the work, the Fed's reaction function is unchanged; if core drifts, rate expectations reset. Whether bitcoin keeps taking its cue from the dollar and real yields, or decouples, is the open question.