With the September numbers in the books, let's jump right into the charts!
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With the September numbers in the books, let's jump right into the charts!
Looking at interest rates, the yields on long-term US treasury bonds rose leading the Yield Curve higher once again.
Credit Spreads remain very low indicating plenty of liquidity in the market and low risk of default.
While the actual CPI inflation rate (over the past 12 months) is currently at 5.25%, the expected inflation rate (over the next 10 years) is at 2.5%. With rising inflation and rising yields, the Real Yield & Gold prices have been rather stable over the past couple of months.
Energy prices have been soaring, most notably for Natural Gas. With this development the US Energy Sector made up for some of the underperformance that accrued of the last couple of years. Also, some national stock market indices with a big energy component (such as the Russian MOEX) rallied while most stock markets actually declined.
Finally, looking at crypto, Bitcoin rallied and inched closer to its all time high from last spring, while the Ether/Bitcoin Ratio declined.
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