September 04, 2026Risk-OnHigh Conviction

Daily Macro Risk Pulse

Broad-based risk rally across equities and crypto, driven by a bull-steepening curve and softening dollar, signals durable risk appetite with VIX pinned below 15.

BTC$80,856+4.2%

ETH$2,517+5.1%

SOL$103.76+3.7%

Fear & Greed74Greed

VIX14.20-0.8%

DXY99.09+0.1%

US 10Y4.760%-0.7%

Gold$4,518+0.6%

Oil (WTI)$90.61-0.8%

S&P 5007,748+1.1%

RegimeRisk-On

ConvictionHigh

Analysis

Yield Curve Bull-Steepens as Rate Cut Expectations Deepen

The 2s10s spread has widened to +102bp (US10Y at 4.76%, US02Y at 3.74%), with both tenors falling but the front end declining faster (-0.85% vs -0.71%). This is a classic bull-steepening pattern consistent with the market pricing accelerated Fed easing. The combination of sub-100 DXY (99.09) and falling front-end rates is the primary fuel for risk assets today, and explains the synchronized move across crypto, equities, and gold.

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Cross-asset analysis (4 sections)
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