News Block: The Fed Hiked on Bad Data, Crypto Mom Signs Off, and a Sovereign Fund Trades Gold for Bitcoin

— The Fed raised rates on a jobs report later revised to show 60,000 fewer jobs than reported; wage growth at 3% year-over-year lags inflation for six consecutive months.

— The Treasury's $6 billion bond buyback program is running at full scale, yet the 10-year yield remains above 5.2% (24-year high) and mortgage rates jumped to 7.3%.

— The SEC proposed new custody rules for Bitcoin held by advisors and funds; three regulators have now written rules independently since Congress abandoned the Clarity Act.

— Hester Peirce, known as "Crypto Mom," resigned from the SEC after nine years; the commission is now reduced to two people writing rules for digital assets.

— Citigroup raised its 12-month Bitcoin target to $113,000; at least one sovereign wealth fund sold gold and foreign currency reserves to buy Bitcoin.

— Bitcoin rose roughly 9% over the past month but remains constrained by persistent high bond yields and a slowing economy.

— Monitor the Fed's October 28th rate decision and November 6th jobs report; bond market confidence (not Fed action alone) is now the primary constraint on Bitcoin upside.

— The Treasury's debt buyback program demonstrates that financial engineering cannot restore confidence when fundamental borrowing costs remain elevated; Bitcoin's design as a non-printable hedge is increasingly relevant to institutional allocators.