Delphi's Market Matters - January 2026

Welcome back to Market Matters – January edition!

After a quiet reset into the new year, markets have quickly shifted back into a volatility-driven regime. Tariff headlines, rising geopolitical tension and stress signals from Japan’s bond market are starting to matter more than fundamentals especially for risk assets.

In this episode, we introduce Scott to the Markets team and walk through the macro frameworks we’re building for 2026, including how we think about liquidity, leading indicators, and why volatility may still be mispriced. We also discuss why gold continues to lead, why Bitcoin has struggled to break higher without commodities cooling off, and how Japan’s yield surge could become the next pressure point that forces policy response.

On the crypto side, we cover what’s actually working right now (and what isn’t), why meme markets have become faster and more extractive and why patience matters until the broader macro tape improves.

January is here! Let’s dive in.
We hope you enjoy!