Monthly Market Observations — September 2026

August's key developments included Nvidia's strong endorsement of durable AI spending, a hawkish message from Fed Chair Kevin Warsh at Jackson Hole, and a late-month rush into hard assets following a surprise Treasury buyback announcement. Portfolio considerations examine gold, silver, and bitcoin as protection against confidence in paper claims, the outlook for long-duration Treasuries, and the inflation data that could determine the Federal Reserve's next move.