US Flash Composite PMI for August Beats Expectations

A stronger-than-forecast composite PMI matters less as a growth signal than as an input into the Fed's rate calculus, since it feeds the argument that activity is holding up without needing policy support. For crypto and RWA markets, which have traded largely on rate expectations, that read can cut against the easing narrative that has driven risk appetite. Whether the Fed treats one flash print as decisive is the open question; flash estimates are preliminary and subject to revision, so the durability of the strength is what to watch.