Delphi's Market Matters - October 2026

OCT 08, 2026 • 43 Min

Jason Pagoulatos + 2 others

Disclosures: This podcast is strictly informational and educational and is not investment advice or

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!

Welcome back to Market Matters, September edition.

What a difference a few weeks can make.

Last month, markets continued to chug along, with our unified macro regime pointing to further upside potential and an overall risk-on environment for assets. Today, our unified macro regime remains cautiously constructive after moving back into “neutral” territory, with our outlook remaining bullish risk assets.

A few days after publishing the August edition of Market Matters, the market was bombarded with a slew of news announcements. Most notably, the US Treasury announcement from Scott Bessent with respect long end bond liquidity support, set to begin September 9th. On top of this, we’ve had several positive regulatory related headlines hit the press as well.

Since these announcements, we have seen an about face in crypto, with BTC rallying from low 60Ks to low 80Ks. Major and many alts have also caught a bid, with Hyperliquid trading at all time highs around $80 and Lighter closing in on $4. Alt season on Robinhood Chain has begun, with many projects, coins and meme pulling parabolic moves.

Are we back? Is there still room to run, or is the market still in “guilty until proven innocent” mode? You wont want to miss this month’s episode!