Weekly Market Recap: Inflation, Yields & Crypto — Sep 7–13

Market Recap as of September 14, 2026

Traditional-market data in this recap cover Monday, September 7 through Friday, September 11, while crypto performance covers Monday, September 7 through Sunday, September 13. September 14 is the article as-of date only and is not included in the completed-week market moves, product flows, returns or technical observations.

The week produced a mixed cross-asset picture rather than a single risk-on or risk-off move. August producer and consumer inflation were firm, U.S. Treasury yields rose across the retained maturities from the first post-holiday observation on September 8 to September 11, and the European Central Bank raised all three key policy rates by 25 basis points. DXY nevertheless ended almost flat on the matched historical convention, down about 0.1%.

Crypto also resisted a one-factor explanation. Bitcoin ended the completed seven-day window about 2.9% lower, Ether about 0.5% lower and Solana about 4.3% lower. Farside data showed sizeable net outflows from Bitcoin ETFs over the four U.S. sessions, while Ether ETFs finished with a positive total and Solana ETFs recorded a modest net inflow. Gold and silver also ended the traditional trading week lower, by about 1.3% and 2.5% respectively on the retained spot series.

Week at a Glance

Market or theme	August 31–September 6 result	Weekly read
U.S. inflation	PPI +0.4% m/m and +5.4% y/y; CPI +0.4% m/m and +3.4% y/y	Firm inflation kept policy risk elevated ahead of the September FOMC meeting
Treasury curve	Sep 8->11: 2Y +24 bp; 5Y +21 bp; 10Y +16 bp; 30Y +10 bp	All retained maturities rose, with the largest move at the front end
ECB	Raised all three key policy rates by 25 bp on Sep 10	An actual policy decision, separate from U.S. rate expectations
Dollar/FX	DXY -0.1%; EUR/USD -0.2%; GBP/USD -0.2%; USD/JPY -0.5%	Dollar index was nearly flat; the yen strengthened modestly against the dollar
Crypto prices	BTC -2.9%; ETH -0.5%; SOL -4.3% from Sep 7 to Sep 13	Solana showed the largest weekly decline of the three
Crypto ETF flows	BTC -$462.7m; ETH +$196.9m; SOL +$9.7m	Four U.S. sessions because Sep 7 was Labor Day
Gold/silver	Gold -1.3%; silver -2.5% from Sep 7 to Sep 11	Both metals weakened on the retained same-convention spot series

Market Context

The main macro pressure came from inflation and rates, but the week did not produce a uniform cross-asset response. Producer prices rose 0.4% in August and were 5.4% higher than a year earlier, while headline CPI also increased 0.4% on the month and 3.4% year over year. Core CPI rose 0.3% monthly and 2.4% annually.

Those figures reinforced attention on tightening risk without amounting to Federal Reserve guidance. No FOMC policy decision occurred during September 7-11, and the research does not contain a timestamped historical probability that would support a precise FedWatch claim. The more defensible market read is that firm inflation kept policy risk elevated ahead of the September 15-16 meeting.

The rest of the data was mixed enough to argue against a single-cause narrative. Jobless claims stayed low, service-sector revenue grew, wholesale activity remained firm, and real hourly earnings slipped even as real weekly earnings increased. The result was a market still balancing resilient activity against uncomfortable inflation and rising yields.

Fed / U.S. Data / Treasury Yields / DXY

The August Producer Price Index showed final demand rising 0.4% month over month and 5.4% year over year. Goods prices increased 1.1%, services rose 0.1%, and final demand excluding foods, energy and trade services increased 0.3%.

The following day, the August Consumer Price Index also rose 0.4% on the month and 3.4% from a year earlier. Core CPI increased 0.3% monthly and 2.4% annually. Gasoline rose 3.9% in August, the broader energy index increased 2.1%, shelter rose 0.3%, and food increased 0.1%.

Real average hourly earnings fell 0.1% in August and were 0.3% lower from a year earlier. Real average weekly earnings increased 0.2% on the month and 0.3% year over year. Initial unemployment claims were 206,000 for the week ended September 5, and the four-week average was also 206,000.

Employer Costs for Employee Compensation showed civilian-worker compensation at $49.46 per hour in June, including $33.85 in wages and salaries and $15.61 in benefits. The Quarterly Services Survey put selected-services revenue at $6,418.7 billion in the second quarter, up 3.0% quarter over quarter and 7.6% year over year. July wholesale sales were $801.3 billion, up 0.8% on the month and 13.0% from a year earlier, while inventories reached $958.9 billion, up 1.3% monthly and 5.7% annually. The inventory-to-sales ratio was 1.20.

No Federal Reserve policy decision took place during the completed week. The next scheduled FOMC meeting is September 15-16, so the relevant weekly policy story was market sensitivity to further tightening rather than an official change in the federal funds target.

Treasury Yield Curve

U.S. Treasury par yield	Sep 8	Sep 11	Change
2-year	4.39%	4.63%	+24 bp
5-year	4.57%	4.78%	+21 bp
10-year	4.80%	4.96%	+16 bp
30-year	5.25%	5.35%	+10 bp

September 7 was U.S. Labor Day, so there was no official Treasury par-yield observation for that date. The completed-week comparison therefore runs from Tuesday, September 8, the first available in-week observation, to Friday, September 11. No September 4 yield is imported to create an artificial Monday-to-Friday change.

All four retained maturities rose over that window. The 2-year yield increased the most, by 24 basis points, while the 30-year rose 10 basis points. That difference matters: the curve did not move by the same amount at every maturity.

DXY moved differently from Treasury yields on the retained historical series, easing from 99.18 on September 7 to 99.12 on September 11, or about 0.1%. The near-flat weekly result is another reason not to treat higher yields as an automatic explanation for every dollar move.

Forex Market Reaction

The major currency pairs were also relatively contained on the retained September 7-11 historical convention. EUR/USD moved from 1.1623 to 1.1600, a decline of about 0.2%, while GBP/USD slipped from 1.3542 to 1.3520, also about 0.2%.

The European Central Bank delivered the clearest policy action of the week. On September 10, it raised all three key rates by 25 basis points. Effective September 16, the deposit facility rate is 2.50%, the main refinancing operations rate 2.65% and the marginal lending facility rate 2.90%. That was an actual central-bank decision and should be kept separate from market expectations around the Federal Reserve.

USD/JPY fell from 154.37 to 153.55, or about 0.5%, implying a modest strengthening of the yen against the dollar. The yen still carried a post-intervention policy backdrop from earlier events, but the completed September 7-11 research does not support describing a new intervention as having occurred during this week.

Taken together, the FX picture was not a simple broad-dollar move. DXY ended nearly flat, EUR/USD and GBP/USD edged down, and USD/JPY fell. Pair-specific ECB and yen dynamics therefore remained important alongside the wider dollar backdrop.

Crypto Market Reaction

Using the current Investing.com historical daily observations, Bitcoin finished the September 7-13 window about 2.9% lower, moving from 79,112.4 on Monday to 76,843.5 on Sunday. The series is used as a consistent historical reference and is not described as an official exchange close.

Ether was comparatively stable across the same seven-day convention. ETH moved from 2,489.91 to 2,477.86, a decline of about 0.5%. The week included a recovery into Friday and Saturday, but the Sunday observation left the full-period result slightly negative.

Solana fell more sharply, from 103.815 on September 7 to 99.301 on September 13, a decline of about 4.3%. SOL remains in this week's coverage because the research contains a complete price series, direct ETF-flow context and a fresh technical setup. The larger-transaction-size mainnet activation scheduled for September 15 belongs to the forward watchlist and is not treated as a completed-week catalyst.

The three assets therefore ended the completed crypto week lower, but by different degrees. The evidence does not support assigning the entire move to one macro release, one product-flow session or one crypto-specific event.

Crypto ETF Flows

September 7 was Labor Day, so the U.S. ETF-flow window contains four sessions. Farside data show Bitcoin ETFs recorded outflows in all four sessions, including -$282.7 million on Thursday, for a four-session total of -$462.7 million.

Ether ETFs finished the same four sessions at +$196.9 million after Friday's +$216.4 million inflow offset earlier weakness. Solana ETFs recorded a modest +$9.7 million total, driven mainly by Wednesday's +$11.2 million reading.

ETF flows provide useful demand context, but they should not be treated as a standalone explanation for price direction.

U.S. session	Bitcoin ETFs (US$m	Ether ETFs (US$m)	Solana ETFs (US$m)
Tue Sep 8	-46.6	-24.3	-0.7
Wed Sep 9	-120.2	+34.7	+11.2
Thu Sep 10	-282.7	-29.9	-0.5
Fri Sep 11	-13.2	+216.4	-0.3
Four-session total	-462.7	+196.9	+9.7

Weekend Crypto Update / Outside Regular Traditional Market Hours

No official final CLARITY Act draft release fell inside the completed September 7-13 market window. On Monday, September 14 — outside the measured week — Senators Cynthia Lummis, John Boozman and Tim Scott released a final draft ahead of a September 15 vote.

Because the release came after the completed weekend, it is forward policy context only. The legislation remained pending and should not be used as an explanation for September 13 crypto price moves.

Gold and Silver

Precious metals finished the traditional trading week lower on the current same-convention spot historical series. Gold moved from 4,405.07 on September 7 to 4,348.72 on September 11, down about 1.3%, while silver fell from 66.1650 to 64.4812, down about 2.5%.

These are XAU/USD and XAG/USD historical-series calculations, not official CME or COMEX settlement-to-settlement weekly returns. Both metals weakened while DXY finished nearly flat and U.S. Treasury yields rose across the retained maturities.

What to Watch Next

The next week concentrates several major policy and activity events into a short window. The September 15-16 FOMC meeting is the central U.S. event, with the decision scheduled for 2:00 p.m. ET on September 16, followed by the Summary of Economic Projections and the Chair's press conference at 2:30 p.m. ET.

The same week also includes the September 15 Solana larger-transaction-size mainnet activation and scheduled Senate CLARITY Act vote, followed by U.S. retail sales, import/export prices, inventories, housing data and industrial production. Bank of England and Bank of Japan policy events are also scheduled; none belongs to the completed September 7-13 return window.

Market or theme	Weekly read
Sep 15	Solana larger-transaction-size mainnet activation; scheduled Senate CLARITY Act vote; U.S. Treasury 20-year reopening
Sep 15-16	FOMC meeting
Sep 16	FOMC decision at 2:00 p.m. ET; Summary of Economic Projections; Chair press conference at 2:30 p.m. ET; U.S. retail sales; import/export prices; manufacturing and trade inventories and sales
Sep 17	U.S. new residential construction; BoE Monetary Policy Summary and MPC minutes; U.S. Treasury 10-year TIPS reopening; BoJ meeting begins
Sep 18	BoJ policy meeting and Governor press conference; Fed industrial production and capacity utilisation; state employment and unemployment

Conclusion

The September 7-13 market week combined firm U.S. inflation, materially higher Treasury yields and an actual ECB rate increase with a nearly flat DXY. That mix is more useful than a single narrative because the main asset classes did not move in lockstep.

Bitcoin finished the seven-day crypto window about 2.9% lower, Ether about 0.5% lower and Solana about 4.3% lower. ETF flows added another layer of divergence: Bitcoin ETFs recorded -$462.7 million across the four U.S. sessions, while Ether ETFs finished at +$196.9 million and Solana ETFs at +$9.7 million.

Gold and silver also ended the traditional trading window lower. Attention now shifts to the September 15-16 FOMC meeting, the September 15 Solana mainnet activation and scheduled CLARITY Act vote, and a dense sequence of U.S., U.K. and Japanese policy and activity releases.

Risk Note

This article is for educational and informational purposes only. It should not be treated as financial advice, investment advice, trading advice, or a recommendation to use any broker, exchange, digital asset, commodity, currency pair or derivative.

Crypto, forex, commodities, and leveraged products can move quickly during inflation releases, central-bank decisions, changes in rate expectations, product-flow reversals, and regulatory developments. Historical price moves and product flows do not guarantee future market direction, and leverage can magnify losses.

Sources and Methodology

HFR uses official U.S. government and central-bank releases for macroeconomic and policy figures. September 7 was U.S. Labor Day, so there was no normal U.S. ETF/product-flow session and no official Treasury par-yield observation. Treasury weekly changes therefore use the first available in-week official observation on September 8 through September 11.

DXY and the three major FX pairs use current Investing.com historical observations for September 7-11. BTC, ETH and SOL performance uses current Investing.com historical daily observations from September 7 through September 13; these are not described as official exchange closes. Gold and silver use current same-convention XAU/USD and XAG/USD historical observations and are not presented as official CME or COMEX settlement-to-settlement performance.

ETF-flow totals use Farside's direct daily tables for the four U.S. sessions from September 8 through September 11. September 14 is used only as the article as-of date and for forward calendar context; no September 14 market move is included in the completed-week returns. The September 14 CLARITY Act final-draft release is therefore identified as outside the measured September 7-13 window.