US September core CPI tops forecasts, pressuring Fed to hold rates in October

A second consecutive upside surprise in core inflation gives the Fed cover to stay hawkish, and the unanimity behind officials' rate forecasts suggests the hurdle to another hike is lower than markets may assume. That matters most for rate-sensitive corners of crypto and tokenized real-world assets, where the cost of carry and the appeal of yield-bearing instruments shift with the policy path. The open question is whether the next inflation print confirms a trend or a one-off, and whether officials' rhetoric hardens ahead of the October meeting.