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Higher US Inflation Raises Fed Hike Odds and Bitcoin Sell-Off
US core inflation rose to 2.6% in September, above the 2.5% forecast. This pushed bets on another Federal Reserve hike to roughly 47%, sending Treasury yields higher and making interest-bearing dollar assets more attractive. Bitcoin, which does not pay interest, could face a tougher interest-rate outlook, leading to a sell-off as the currency hit an intraday low of $81,588.88 on October 14.