S&P Global: US Business Growth Hits 52-Month High in August

What matters here is the signal, not the print: a 52-month high in private-sector activity suggests the US economy still has momentum, which complicates the case for near-term rate relief and keeps pressure on risk assets that had priced in looser conditions. For crypto and RWA markets, which trade heavily off the rates and liquidity outlook, the more relevant question is whether this strength is a one-month reading or a durable trend. Watch whether the next data points corroborate it — and whether resilience translates into a higher-for-longer narrative.