The Kansas City Fed's manufacturing index came in at 1 for December—a sharp drop from the previous reading of 8, and well below the 6 estimates analysts were expecting. This miss signals meaningful weakness in the regional manufacturing sector heading into the new year. When hard data like this undershoots expectations, it typically sharpens focus on whether the Fed will need to ease policy further or hold steady. For crypto markets, softer economic prints like this can ease inflation concerns and influence macro risk sentiment. Worth watching as we digest how this fits into the broader economic slowdown narrative.