September’s unexpectedly strong U.S. inflation figures have raised fresh concerns that the Federal Reserve may need to raise interest rates again, potentially reopening the possibility of multiple hikes.

The Bureau of Labor Statistics reported Wednesday that the Consumer Price Index (CPI) increased 0.6% in September, up from August’s 0.4% rise. The result matched economists’ expectations for the month.

However, annual CPI inflation accelerated to 3.7%, compared with 3.4% in August, exceeding the market forecast of 3.6%.

Core inflation also surpassed expectations. The measure, which excludes food and energy prices, increased 0.3% month over month, matching August’s pace but topping the 0.2% gain anticipated by economists.

Annual core CPI rose to 2.6% from 2.4% in the previous month, coming in above the projected 2.5%.

Bitcoin (BTC) came under immediate selling pressure following the announcement, falling roughly $1,000 to about $82,800 after trading around $83,212.45.

The bond market also suffered losses as Treasury yields climbed sharply. The 10-year U.S. Treasury yield rose 9.3 basis points to 5.308%, while the two-year yield surged 13.1 basis points to 4.924%.

The inflation report weighed on equity futures, with Nasdaq 100 contracts down 0.65% and S&P 500 futures declining 0.3%. Gold prices weakened as well, sliding 1.5% to $4,116 per ounce.

Before the data release, several Fed officials had indicated that the central bank could implement another 25-basis-point increase before the end of the year. Investors had mostly anticipated no change at the October policy meeting, followed by a possible rate hike at the Fed’s final meeting in early December.

The latest inflation reading may challenge those expectations, putting an October increase back into consideration and raising the prospect of a more restrictive monetary policy path.