Crypto
began
the
day
on
a
weak
foot
after
the
U.S.
Consumer
Price
Index
report
showed
an
unexpected
re-acceleration
of
inflation
in
September.
The
news
seemingly
drove
a
stake
through
any
idea
that
the
Fed
could
cut
interest
rates
another
50
basis
points
in
November,
with
some
market
participants
now
wondering
if
the
U.S.
central
bank
might
even
decide
to
pause
its
rate-cutting
cycle
at
that
meeting.
“Hot
CPI
and
oil
price
spike
due
to
Middle
East
tensions
have
created
a
fear
that
the
Fed
will
not
cut
as
much
as
the
market
previously
thought,”
Quinn
Thompson,
founder
of
hedge
fund
Lekker
Capital,
said
in
a
Telegram
message.
“Mix
in
[Atlanta
Fed
President]
Bostic’s
hawkish
comments
today
regarding
a
potential
pause
and
that’s
the
tinder
to
run
the
levered
traders’
stops.”