Bitcoin's correlation with gold has climbed to 50%, while its correlation with the Nasdaq has dropped to 30%. ^[1] The Federal Reserve is set to purchase $12.5 billion in U.S. Treasury debt. ^[2] The U.S. 10-year Treasury yield jumped to 4.79% on September 1, reaching a level not seen since January 2025. ^[3] Federal Reserve Governor Christopher Waller said in his September 3 speech that a new method for portfolio-management services could lower 12-month PCE inflation by a few tenths of a percentage point. ^[4] The Bureau of Economic Analysis will release official August personal consumption expenditures inflation and its annual update on September 30, which will revise the PCE series and supersede currently published estimates. ^[5] The Federal Open Market Committee will decide policy on September 16 after seeing August payrolls, producer prices, and consumer prices, with a new Summary of Economic Projections due alongside the decision. ^[6] Waller said his rate signal was conditional: continued progress in August inflation would make him willing to hold the federal funds rate at its current setting, while a hot reading could lead him to consider a hike. ^[7] The XAU / BTC ratio is up more than 1.2% so far this month, indicating a strong preference for Bitcoin over gold. ^[8]