US September PCE inflation rises to 3.6% year-on-year, matching expectations

The significance here is less the headline match than the direction: the Fed's preferred gauge moving up rather than down keeps the rate-path debate alive rather than settling it, which is what risk assets, including crypto and tokenized RWAs, are sensitive to. Markets that had priced a cooling trend now face a data point that complicates that narrative. The open question is whether this is a one-month uptick or the start of a firmer trend, and how Fed communication responds in the sessions ahead.