Liquidity vs Yields: September 2026 Macro Deep Dive
Key Takeaways M2 money supply expanded 0.44% in July to $23.2 trillion, marking the fourth consecutive month of growth above 0.3% 10-year Treasury yield climbed to 4.79%, up 84 basis points from recent lows, signaling market skepticism about inflation Gold and silver surged on geopolitical tensions, with GLD up 1.52% and SLV gaining 1.99% The labor market tightened further with unemployment falling to 4.1%, raising wage pressure concerns Cross-asset divergence suggests a trading range until clearer macro signals emerge The September 2026 macro landscape presents a striking contradiction that investors cannot ignore. The Federal Reserve's balance sheet runoff has not drained liquidity from th…
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