Market Update: Mon 2nd Sep

Summer chop over?

gm

**MACRO** - Today will be quiet as it's Labour Day in the US and markets are shut. Friday's PCE data showed inflation coming in at 2.5% vs 2.6% expectations which is yet another sign that inflation is now tamed while economic growth is likely slowing. Despite that we saw 10Y surge on to 3.91% which is the highest it's been for a while, alongside equities ending the day 1-1.2% higher. I suspect the majority of this week to be quiet but on Friday we get payrolls which is very important (given last month's big miss) and I hope by then most people are back in the office.

**CRYPTO** - The good news is we are out of an illiquid summer period, the bad news it that September is historically a weak month for BTC and markets alike, although I personally think this year could be "different" given it's an election year and I wonder if anyone has done any work to assess September performances in election years. BTC rn is just below 58k while ETH is at 2465 and SOL at 129. I don't have much more to add here other than I think all those three majors look like good buys here if you have stables...of course if you're knees deep in memecoins then it would be considered a risk averse move to move back up to majors. I'm still bullish for Q4 and I have a feeling we are over the worst of the chop now, just have to survive a little longer.

GL today