Accompanied by interest rate cuts, the US Treasury market has also undergone a trend change. Concerns about the long-term development of the US economy have led to the 2-year Treasury yield being persistently higher than the 10-year Treasury yield since July 2022. This trend has been reversed in the recently concluded September, and the spread between the 10-year and 2-year Treasury yields has now turned positive at 0.16. This indicates that Treasury investors have preliminarily confirmed a 'soft landing' for the US economy.

As another important investment target outside of US Treasuries, London gold has responded to the arrival of the monetary expansion cycle with a significant monthly increase of 6.21%. Such a large monthly increase indicates that substantial funds have chosen safer assets during uncertain economic prospects.

As a representation of the Crypto market, BTC assumes a function similar to that of a major market index. Currently, the pricing of BTC is controlled by funds in the BTC ETF channel, but these funds seem to refuse to view BTC as 'digital gold' and are more inclined to treat it as a tech stock akin to the 'Seven Giants.' This linkage has allowed BTC to stabilize in September and achieve a 7.35% increase, outperforming the Nasdaq, but it is still constrained by the Nasdaq's movement, stopping at $65,000, and has not yet reclaimed its previous high.