Interesting TACs of the Week (September 7 – September 13, 2026)

Summary – A top-down review of interesting calls and comments made last week in Treasuries, monetary policy, economics, stocks, bonds & commodities. TAC is our acronym for Tweets, Articles, & Clips – our basic inputs for this article.

• Editor’s Note: In this series of articles, we include important or interesting Tweets, Articles, Video Clips with our comments. This is an article that expresses our personal opinions about comments made on Television, Tweeter, and in Print. It is NOT intended to provide any investment advice of any type whatsoever. No one should base any investing decisions or conclusions based on anything written in or inferred from this article. Macro Viewpoints & its affiliates expressly disclaim all liability in respect to actions taken based on any or all of the information in this article. Investing is a serious matter and all investment decisions should only be taken after a detailed discussion with your investment advisor and should be subject to your objectives, suitability requirements and risk tolerance.

NEVER FORGET!

It was by far the most momentous day of our life. Watching the tower of the World Trade center come down as it did & the shower of debris lining the streets & windows is NOT an experience we can forget & we never will.

Aftermath of 9-11!

The event of 9-11 was born in Saudi Arabia & in the contempt which many in that land harbored against the Saudi “royalty”. And that event was planned & assisted in by the “Critical Ally in the War of Terror” as Na-Pakistan was known then. Most people with open eyes & open minds now realize that the Na-Paki generals played a double game publicly supporting America while underhandedly backing Al Qaida. 

And it happened again this past week with it coming in full view on September 11, 2026 about Yemen. The stunning attacks on & the conquest of almost the entire eastern coast of Yemen by Houthis, considered so far as a minority semi-terrorist organization fighting against the Saudi Arabia backed Yemeni Government! But this time, Saudi Arabia was “protected” by the Islamic NATO launched with great mediafare by Na-Pakistan, Saudi Arabia with Turkey.

Remember what this same US-funded & US-armed Na-Pakistan Army did to defend US Troops inside Afghanistan or even airlift a couple of regiments to enable Americans to leave Afghanistan with dignity. Nothing! Now ask what this US-funded & US-armed Na-Pakistan Army did this past week to protect Saudi Arabian allies in Yemen. NOTHING! 

So, in a blitzkrieg of sorts, the Houthis, in a lightening advance, took control of the entire eastern coast of Yemen & hence the control of the Bab-El-Mandeb strait through which Oil passes. 

(map – courtesy of CNN Worldwide article)

The CNN Worldwide article reported ghost army rosters without any back up support as the message below states:

Fortunately the Houthis are not dumb & they have assured the world that ships of all countries can pass thru the Bab-al-Mandeb Strait EXCEPT ships of Saudi Arabia. But that has NOT reassured the oil markets, at least not until now.

 

1.Deja Vu all over again!

Thus spake David Rosenberg! No, he is NOT Zarathustra but, as we have suggested before, reading what he says becomes useful beginning in September, at least in our experience.

And, thus spake Rosenberg, on  September 11, 2026:

• The only other five times we faced a simultaneous crushing oil and bond yield shock of this magnitude were in 1980, 1990, 2000, 2008, and 2022 — four landed the U.S. economy in recession, and all five coincided with bear markets in risk assets that shocked the bullish consensus. Let’s see if the AI boom is going to prove strong enough to compensate this time around (as the $2 trillion of fiscal stimulus checks did in 2022-2023).
• Rising bond yields headed towards cycle highs, but without the benefit of fiscal stimulus checks, a Fed with an itchy finger, and spiking energy costs are hardly the prescription for pro-risk, pro-cyclical equity exposure, despite what the cheerleaders, promoters, and hucksters who populate the airwaves tell you.

Frankly, we didn’t even know what a “Bond” was in 1980. But we do recall 1990, especially fourth quarter of 1990. That bear market was awful and the Treasury curve went horizontal with 3-month to 30-years all between 9% & 9.25%. Today the 3-month is at 4.01% while the 10-yr is at 4.971% and the 30-yr is at 5.35%. 

But some suggest a solution:

What impact might that solution have on the K-economy that rich CNBC Anchors love to glorify?

• Mike Zaccardi, CFA, CMT 🍖@MikeZaccardi – Sun 9-13 – Labor comp as a % of GDI… lowest since at least 1947… barely > 50% HSBC Surging corporate profits, household income under strain

 

Do you remember when the 1990 bear market ended? On January 15, 1991 when US Forces moved into Iraq. That was simple because it matched the US armed forces, a mega-power, against a minority dictator Saddam Hussein. The US victory was certain. And the rally was explosive & continued until early 1994. And Treasury yields fell from 9% to 3% in February 1994.

What about 2027? What might be the best performing asset next year? A smart guy named Barry Knapp said on CNBC’s Exchange on September 1 that the best performing asset class next year would be the 30-year Treasury bond. That is from memory because CNBC and/or the Exchange Host Kelly Evans DELETED that line from the posted clip of that show. Why would CNBC/Kelly delete that explicit recommendation? Perhaps because CNBC Anchors have always been anti-Treasuries or because Ms. Evans, like undergrad debate students, merely prefers to discuss different viewpoints and avoids straight talk. 

So, here is an old adage for her & her colleagues including the Fed – “very little causes inflation to go down hard like a big stock market sell-off“. And this year it might begin, as it did in 1990-1991, with a selloff in oil prices. Or, as Jeff Curry says, we might witness a global recession.

 

1. Markets Last Week

1.1 US Indices:

• VIX up 8.9% to 15.87; Dow down 1.6%; SPX down 80 bps; RSP down 1.9%; NDX down 60 bps; RUT down 2.4%; MDY down 1.9%; XLU down 1.6%; SMH up 27 bps;  SOXL up 3.9%; NVDA down 5.2%.

Semis outperformed again:

• Mike Zaccardi, CFA, CMT 🍖@MikeZaccardi – 9-13 – StanChart: Global chip stocks have become more attractive... helping to compress the broader tech P/E ;Semis just 15.8x… near the lowest since the 2022 bear market

But,

• Bespoke@bespokeinvest – 9-11 – The S&P’s cumulative A/D line has turned lower over the last couple of weeks. Bulls prefer to see this making new highs along with price as confirmation of a rally. A negative divergence is seen as bearish.

 

 

1.2 MAG 7:

• AAPL up 3.8%; AMZN down 67 bps; GOOGL up 1 bps; META up 5.1%; MSFT down 81 bps; NFLX down 1.1%; SMH up 27 bps;  SOXL up 3.9%;  NVDA down 5.2%; MU down 4.1%; SNDK down 6.1%;  IBM up 3.6%; IGV down 2.9%; CRM down 4.4%; PANW down 78 bps; NOW down 6.2%; PLTR down 4.1%; 

Have you noticed that the Mega-caps do not trade alike these days? Bespoke has:

• Bespoke@bespokeinvest – 9-13 – The mega-caps once traded as a monolith. Not anymore. Here’s how they look now: $AAPL $AMZN $AVGO $GOOGL $META $MSFT $MU $NVDA $TSLA

 

1.3 Key Financials:

• BAC up 2 bps; C up 80 bps; GS down 91 bps; JPM down 67 bps; KRE down 1.8%; EUFN down 1.5%; SCHW down 1.9%; APO down 3.5%; BX down 5.6%; KKR down 6.2%; XHB down 4.6%; ITB down 4.7%; NAIL down 13.9%;

Is this week’s larger decline in private-credit focused firms worse than that in moneycenter banks due to the simple fact that, as Gundlach says, “in recent years, garbage in lending” has gone into private credit? 

 

1.4 – Dollar & Metals

• UUP down 4 bps; DXY down 5 bps; Gold down 2.1%; GDX down 2.2%; Silver down 3%; Copper down 1.8%; CLF down 3.5%;  FCX down 2.3%; MOS down 2.6%; Oil up 10.1%; Brent up 9.2%; OIH down 1.6%; XLE down 1.7%; PBR up 5.4%;

Speaking of the Dollar:

• Otavio (Tavi) Costa@TaviCosta – 9-13 – The US dollar is approaching one of its most consequential technical tests in years. A break below this support could mark the beginning of a much broader decline. If I had to choose one market move that could define the next few years… this would be it. https://tavicosta.substack.com/p/the-worlds-most-critical-line

 

1.5 – International Stocks:

• EEM down 1.3%; EMXC down 52 bps; FXI down 3.9%; KWEB down 5.6%;  BABA down 3.5%; EWZ up 87 bps; EWY down 8 bps; EWJ up 28 bps; EWG down 2.3%; INDA down 2.7%; INDY down 2.8%; EPI down 2.4%; SMIN down 1.4%; IBN down 3%; HDB up 69 bps;

How will EM stocks do in a S&P downturn?

 

1.6 Treasuries & Interest Rates – Is “W” a sign of this Fed?

• 30-year Treasury yield up 11.2 bps on the week; 20-yr yield up 14.1 bps; 10-yr up 19.5 bps; 7-yr yield up 22.2 bps; 5-yr yield up 24.4 bps; 3-yr yield up 27.4 bps; 2-yr yield up 25.6 bps; 1-yr up 21.3 bps;
• TLT down 1.6%; EDV down 2.1%; ZROZ down 1.8%; HYG down 71 bps; JNK down 69 bps; EMB down 1.2%:

Sentiment near a bottom?

• Macro Charts@MacroCharts – 9-12 – Lowest Bond sentiment in four years — tied with the 2022 bottom. Watch closely…

 

2. Positives in a negative week!

Who would have thunk it? That after last week’s pathetic performance against Western Michigan, this week would show a different Michigan team vs. Oklahoma?

 

Also who would have thunk it that, on the same day, a much vaunted Ohio State, despite dominating Texas for 3 quarters, would tire out & lose by 1 point!

Who knows but may be things are not so bad after all! All we need is for oil to come down & Treasury yields to fall!

 

Send your feedback to editor.macroviewpoints@gmail.com Or @MacroViewpoints on X.