MGLens● As of 3 Sept 2026
MethodologyArchive
The dialCommoditiesCryptoRatesEquitiesFXCreditMacroVolatility

Which asset class matters most right now — and why.

Each class is scored on how much of the week's market action it took versus its usual share over the past 2 years (1.00× = typical), and ranked hot → quiet, left to right.

Agriculture ×3.3Energy ×4Broad commodities ×4.3ETF flows ×4.4commodities2.17×Performance ×3Cross-asset linkage ×3.6crypto1.90×Term premium & duration ×4rates1.27×Valuations ×1.8Factor returns ×4.5equities1.09×Emerging markets ×7.7fx0.76×Sep 3, 2026Activity 0.45× · hot → quiet, left to rightasleep this week: credit · macro · volatilitycommodities2.17×ETF flows ×4.4 · Broad commodities ×4.3Energy ×4 · Agriculture ×3.3crypto1.90×Cross-asset linkage ×3.6Performance ×3rates1.27×Term premium & duration ×4equities1.09×Factor returns ×4.5Valuations ×1.8fx0.76×Emerging markets ×7.7creditasleepmacroasleepvolatilityasleep
in the spotlightwarmquieton this week's board

Commodities · 2.17×

full commodities view →#1
Commodities moved more than anything else. The broad commodity ETF extended to +12.1% on the month (from +4.9%), 4.3 times its normal pace. Wheat extended to +14.2% on the month (from +12.4%). Crude (USO) extended to +23.9% on the month (from +0.5%). Three of its eight groups moved at once. A second straight session at the top.
Broad commodities
Yahoo Financeunavailable
Agriculture
Yahoo Financeunavailable

Crypto · 1.90×

full crypto view →#2
A relationship is shifting in crypto. Bitcoin-Nasdaq co-movement went from +0.36 to +0.28, 3.6 times its normal pace. Bitcoin eased to +22.0% on the month (from +25.6%).
Cross-asset linkage
Yahoo Financeunavailable
Performance
Yahoo Financeunavailable

Rates · 1.27×

full rates view →#3
Rates had a single story. The 1-3y Treasury ETF realized vol moved from +1.5% to +1.8%, its biggest move since August 7.
Term premium & duration
FREDunavailable
Fiscal & stock-bond context
Yahoo Financeunavailable

Equities · 1.09×

full equities view →#4
A busy day in equities. Momentum factor swung from +1.7% to -4.4% on the month, 4.5 times its normal pace.
Factor returns
MarketGraphsunavailable
Valuations
Yahoo Finance · FREDunavailable

FX · 0.76×

full fx view →#5
Only one thing moved in FX. Dollar-lira realized vol moved from +1.4% to +2.3%, 7.7 times its normal pace.
Emerging markets
FREDunavailable
FX volatility
Yahoo Financeunavailable
6creditasleep — Credit stayed in range all session.full credit view →
7macroasleep — Macro was quiet. Nothing moved beyond its normal range. The nearest mover was the dollar, from +0.0% to -0.6%.full macro view →
8volatilityasleep — No news in volatility. The nearest mover was S&P realized vol, from +11.3% to +7.5%.full volatility view →

Descriptive research, not investment advice