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Hello everyone, and HAPPY FRIDAY!!! An intense week… 🍂
IN THIS NEWSLETTER
Markets: Treasuries are not a “safe haven”
Gold and the art of alchemy
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The amount of stablecoins held on exchanges at the end of September 2026 dropped by 7% year-on-year, while that held in wallets jumped by more than 20%, to 45% of the total circulating supply.
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WHAT I’M WATCHING
Markets: Treasuries are not “safe havens”
The drumbeat of signs the AI bubble is about to roll over is starting to accelerate, and it’s spilling over into other market segments.
Yesterday, US Treasuries staged their strongest rally in over two years, pushing the 10-year yield below 5.0% for the first time in a month.
(US 10-year yield, chart via TradingView)
Much of the commentary I’ve seen paints the rotation into US Treasuries as a “haven” story, but I’m not buying it. I think there’s something else going on.
