*The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.*
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**MACRO** - This morning we are starting in the green with SPX up 0.6% and NDQ up 0.8%. This coincides with a pretty substantial interest rate rally which sees 2Y back to 5.02% and 10Y back to 4.5%...like I said I kind of expect interest rates to keep grinding lower a bit here and still think 2Y gets back below 5%. The main dirver of it is PCE data which we got today; coming in at 0.4% vs 0.5% expected, and core PCE coming in at 0.1% vs 0.2% expected. It's another measure of inflation (one that the Fed certainly looks at) so it's good to see it come in below expectations, and will explain some of the interest rate rally we're seeing today. However, important to note that oil still remains elevated and that is the main thing in all of macro that I'm feeling a bit concerned about to be honest, with WTI still hovering just above $93/barrel.
**CRYPTO** - If you're like me you're having to double check your screens today as it feels rather incredulous that we could possibly have two green days in a row...but low and behold we have! BTC is hovering at around 27k while ETH is up to 1673 having hit 1680 earlier. The strength continues to feel like it's in ETH here (ahead of the ETH futures ETF decisions), while it looks like there were further delays in spot BTC ETF decisions (including Blackrock's) which continues to make me think we won't see any decisions until next year, with Jan 10th for Ark being the first "final" deadline. Altcoins are on the move too but mostly in line with ETH, the main things I see outperforming right now are memecoins with PEPE leading the charge up about 33% from recent lows.
**NFTs** - Mixed price action across pfp projects as most things continue to traverse their narrow range for now. Pudgy Penguins have dropped a little further to a FP of 4.8Eth while winners include Miladys, BAYC and DeGods. It's interesting to see the Blur vs OpenSea market share converge here with Blur having just a 35% market share vs OpenSea's 30%. Unfortunately it feels like Blur's constant delay of airdrop 2 has resulted in it losing a lot of loyalty. Elsewhere the art market continues to thrive as Grant Yun sold a 1/1 for $95.2K at Sothebys which subsequently saw his Primera collection rise to a floor of 3.69ETH as a result of a DCInvestor sweep. Speaking of art, if you happen to be in London 4th-6th October make sure you go check out the Saatchi gallery which is exhibiting its first ever NFTs including some fantastic artists and also myself.
GL today!