US October ISM Non-Manufacturing Index Comes in at 54.5, Below 54.8 Forecast

The miss is marginal, but the direction matters more than the size: services activity easing from September keeps the soft-landing narrative intact without adding urgency to either side of the rate debate. For crypto and RWA markets, this is a second-tier macro input that mostly feeds the broader risk-appetite backdrop rather than moving anything on its own. The open question is whether this cooling continues into subsequent readings, which would shape how much weight markets place on services as the last resilient pillar of US growth.