Delphi's Market Matters - October 2026

Welcome back to Market Matters, October edition.

It been about 2 months since we had the US Treasury/Bessent announcement with respect long end bond liquidity support, which begin September 9th. Since then, yields have continued marching higher, with the 10Y surging through 5% to levels last seen in 2007. This was compounded by the Fed’s decision to increase the target rate by 25bps at the last FOMC meeting.

The Iran War continues to be a thorn in the side of markets, specifically oil. Oil prices have resumed their upward trajectory, continuing to put pressure on governments and markets alike.

Gold has sold off and given up most of it’s gains from the last few months.

Equities remain resilient and continue grinding towards all time highs, even as breadth continues to narrow.

Crypto markets have shown a patch of relative strength with BTC almost pushing into the $90K region. We have also seen a resurgence in overall risk appetite among crypto participants since the August US Treasury announcement. Over the last few weeks, however, crypto markets and risk appetite appear to be waning.

In this month’s episode, we highlight our updated Delphi Unified Macro Regime Model, which no incorporates drivers of liquidity, growth, and inflation while taking into account positioning. We lay out the backdrop as we move into year end. We then dive deeper into crypto markets to look under the hood and discuss crypto’s recent weakness and what it means going forward.

Are we back? Is there still room to run? Or is the party ending? You wont want to miss this month’s episode.

We will see you again in a month to recap the November Midterm Election results and what that means for our views as we close out the year!