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A four-year high in the US August composite PMI complicates the easing narrative. Services outperformed expectations, while manufacturing missed but remained in expansion, suggesting growth has not stalled even as softer CPI, PPI and jobs data reduced the urgency of a September hike. My read: resilience is supportive for earnings, but it also gives FOMC hawks more room to argue that demand could slow disinflation. That makes Treasury yields the key transmission channel for stocks, gold and BTC; strong growth may help risk assets only if rate expectations stay contained. Not advice, just analysis. #USPMIRevivesHikeBets