The latest published US Manufacturing Purchasing Managers' Index (PMI) shows an interesting trend. The overall price index fell from 65.4 to 64.3, slightly below the expected level of 64.9, indicating signs of easing inflationary pressures.

More notably, the new orders index rose from 52.9 to 57.9, well above the expected 52.6—this suggests factory order demand unexpectedly rebounded, potentially indicating that the economy is more resilient than anticipated. However, employment data remained relatively stable, rising slightly from 48.9 to 52.0, slightly above the expected 49.0, indicating that manufacturing hiring activity has warmed but growth potential is limited.

The implication for the crypto market is that the Federal Reserve's upcoming policy stance may become more cautious. The economy is neither overheating nor clearly in recession, which could delay the pace of rate cuts and thus influence capital allocation toward high-risk assets (including cryptocurrencies).