US September flash manufacturing PMI hits 57, a 52-month high

The striking feature is breadth: manufacturing, services and the composite all printing multi-year highs in the same flash release, which suggests the acceleration is economy-wide rather than concentrated in one sector. That matters for risk assets because it complicates the disinflation and easing narrative that has underpinned crypto and tokenized-RWA sentiment. Whether the flash strength survives into the final September readings, and whether it feeds through to rate expectations, is the open question worth watching.