The September consumer price index came in above consensus on the annual figure and the core measure both. Headline CPI rose 0.6% on the month, matching the forecast, but the annual rate landed at 3.7% against a 3.6% estimate and 3.4% in August. Core rose 0.3% monthly against a 0.2% consensus and 2.6% annually against 2.5% expected. CoinDesk reported bitcoin dropped about $1,000 on the news to roughly $82,800, after holding above $83,000 going into the 8:30 a.m. ET release. The part worth sitting with is not the print itself but what it does to the rate path: markets had been positioned for a pause at the October meeting and a 25 basis point hike in early December, and CoinDesk notes this data puts an October hike back in play. That is the opposite problem to the one crypto spent most of this cycle pricing. A hike brought forward is a dollar and a yield curve moving against risk assets sooner than the market had penciled in, and bitcoin's reaction inside the first hour was a straightforward read on that rather than anything specific to crypto.