Q3 was wild – one of the weirdest market divergences all year.

Iran war + energy supply chaos = oil and inflation spiking hard. Treasury yields and borrowing costs across the US economy? Straight up.

But somehow US equities held the line. AI narrative kept pumping the majors even as macro got uglier by the day.

Now oil, bonds, and equities are all screaming different stories about where we're headed next.

This divergence won't last. Something's gotta give.