**September made no sense.
**
Stocks barely moved, bonds had their worst month in years, and crypto had its best month in 8 months.

Here's how everything played out:

__ S&P 500 fell -0.59% but overall 78% of S&P 500 stocks fell in September.

__ Fed hiked rates by 25 bps, yet Nasdaq gained +3.9% during the month, and hit a new ALL TIME HIGH.

__ AI was holding the U.S. markets up, adding $1.7 TRILLION in market value since August end.

__ Bonds were where the real September crash happened.

__ US 10-year Treasury yield reached its highest level since 2002, up 54 basis points alone this month.

__ US30Y hit a new 22-year high at 5.612%.

__ The US Treasury spent $5.1 billion in long term bond buybacks.

__ Volatility in bond markets spiked, MOVE Index, the VIX for Treasury bonds jumped nearly 30% this month.

__ WTI crude crossed $106, its highest in 4 months.

__ Crypto has outperformed all the global stock markets, up 12.55% despite the CLARITY Act failing. Total Crypto market cap reclaimed $3T for the first time in 8 months.

__ BTC reached $87000, and ETH crossed $2,800 giving their highest monthly close in 9 months.

**** **[@venture](https://t.me/venture)