US ISM Manufacturing PMI Comes in at 54.5 for September, Below 55 Forecast

The miss is marginal, but the direction matters more than the level: a second consecutive softening, even while the gauge stays in expansion, chips at the narrative that US factory activity is re-accelerating. For crypto and RWA markets, the read-through runs through rate expectations rather than manufacturing itself — a slightly cooler print is one more data point that can nudge the policy path, and macro-sensitive assets tend to trade that channel. Whether the next reading confirms a genuine downshift or just noise around a solid level is the open question.