09/21/2026

Receipts: The Fed Is Done. This Week the Lenders Set the Price. (Week Ahead, September 21, 2026)

The paperwork behind the week-ahead video, on YouTube and TikTok. Recorded Sunday night, September 20. Every number below has the day it was true and where it came from. Where a number came from a news outlet or a data vendor and not a government page, it says so.

The lines I put on the record for this week

ChartThe lineWhere it came from
Ten-year yield (TNX)A close above 5.02Highs of 5.01 to 5.02 on Sept 15, 16 and 18 with no close above. Treasury’s official Sept 18 row: 5.01.
Bank fund (XLF)55.44The low on Fed day, Sept 16. Friday’s low was 55.46.
S&P 5007,508 and 7,757The Sept 16 low (7,507.77) and the Sept 3 high.
Oil, November contract (WTI)94.64 and 101.69The Sept 17 low and the Sept 15 high on the November contract. Sunday night it traded under 94.64 (low 93.62) in thin trade. The line is a daily close under it that holds the next day.
Dollar-yen158.05, then 160Friday’s high; the September high is 160.38.
Gold futures4,273The Sept 16 low.
Bitcoin82,283, then 82,814; other side 74,887The Sept 3 high, the May 6 high, and the Sept 15 low (Coinbase).

Chart levels for currencies, futures and Bitcoin are data-vendor prints (Yahoo Finance, Coinbase), not official tapes. Anything can happen at any one of them. That’s the game.

The borrowing

What I saidThe recordSource
A hundred and eighty-three billion dollars in three days, one o’clock each day2-year $69 billion Tuesday, 5-year $70 billion Wednesday, 7-year $44 billion Thursday, each at 1:00 PM Eastern. A $28 billion floating-rate note on Wednesday is not in that total.TreasuryDirect: Upcoming Auctions
Indirect bidders took about two-thirds of the two-year and about sixty percent of the five and the seven66.01%, 61.51% and 60.78% at the last auction of each. Treasury defines an indirect bidder as a customer bidding through a dealer. That group includes foreign central banks and big domestic funds.TreasuryDirect auction results
It all has to be paid for next Wednesday, the last day of the quarterAll three settle September 30.TreasuryDirect announcements
Fund managers own the least bonds since May 2022; their number one fear is bond rates rising out of control; chip stocks are the most crowded trade; they owned the most bank stocks since last NovemberBank of America Global Fund Manager Survey, taken Sept 4 to 10: bonds net 48% underweight; biggest tail risk a disorderly rise in bond yields (33%); most crowded trade long semiconductors (53%); banks most overweight since November 2025.As reported by Bloomberg and Investing.com, Sept 15

The banks

What I saidThe recordSource
The S&P finished last week flat. Bank stocks fell almost five percent. Three-month low on the day the Fed raised ratesS&P 500 down 0.08% on the week. KBW Bank Index down 4.93% (188.06 to 178.78), with its three-month low, 176.46, on Sept 16.Yahoo Finance (^GSPC, ^BKX), week ending Sept 18
The gap was point four one two weeks ago. Friday it was a quarter pointTen-year yield minus two-year yield: 0.41 on Sept 4, 0.25 on Sept 18.FRED: T10Y2Y
That’s what started the trouble at Silicon Valley Bank in 2023. The Fed’s own report says so“In 2022, as interest rates began to rise, SVBFG saw deposit outflows and a rapid increase in unrealized losses on those securities.”Federal Reserve, Review of the Supervision and Regulation of Silicon Valley Bank, April 28, 2023
The credit spread is calm, a little tighter than two weeks agoICE BofA US Corporate Index option-adjusted spread: 0.78, three hundredths tighter over two weeks.FRED: BAMLC0A0CM

Oil, the dollar, gold

What I saidThe recordSource
Saturday, air-raid sirens in Riyadh for the first time in this round of fighting. The Houthis said they hit itReported Saturday, Sept 19. Reports conflict on damage, so I didn’t state any.As reported by Al Jazeera and UPI
“Momentum is building.” Iran’s foreign minister flew to New York. None of that is a deal. No talks are scheduledReported over the weekend of Sept 19 to 20. This is the fastest-moving item in the video.As reported by RFE/RL
The October oil contract stops trading Tuesday; your chart already switched to NovemberWTI futures stop trading three business days before the 25th of the month before the contract month. For October that is Tuesday, Sept 22.CME Group contract specifications
About half of a drop in oil reaches the gas pump inside two weeks, most of it inside a month“About half of a crude oil price change passes through to retail gasoline prices within two weeks,” and about 80% within four. That measurement is for gasoline.EIA, Today in Energy, Sept 25, 2019
Hedge funds flipped to betting on the yen, about seventy thousand contracts in a weekLeveraged funds net long 23,170 yen contracts, a change of +72,268, as of Tuesday, Sept 15.CFTC, Traders in Financial Futures
Tokyo’s closed Monday through WednesdayJapan Exchange Group holiday calendar, Sept 21 to 23.JPX calendar
The dollar went up about one percent last weekDollar index up 1.11% to 100.22.Yahoo Finance (DX-Y.NYB)

Bitcoin, and how the banks move money through it

What I saidThe recordSource
The Fed raised rates and Bitcoin went up almost five percentUp 4.7%, Friday close to Friday close, in the week of the Sept 16 hike.Coinbase Exchange
About $750 million left the Bitcoin funds in the two days before the decision. About $600 million came right backSpot Bitcoin ETF net flows: −$450.4 million and −$295.9 million on Sept 15 and 16; +$159.5 million and +$433.0 million on Sept 17 and 18.Farside Investors, matching SoSoValue
About a hundred billion dollars in the boxes, about six percent of all the Bitcoin there is$102.53 billion in US spot Bitcoin ETFs, 6.29% of Bitcoin’s market value, Sept 18.SoSoValue
Thirteen names in its government filing: Goldman Sachs, JP Morgan, Citigroup, Bank of America’s trading arm. Coins at Coinbase, cash at BNYThe iShares Bitcoin Trust annual report lists thirteen authorized participants, including Goldman Sachs & Co., J.P. Morgan Securities, Citigroup Global Markets and BofA Securities. Coinbase Custody holds the bitcoin. BNY is the cash custodian and administrator.SEC: iShares Bitcoin Trust 10-K, filed Feb 27, 2026
Tether reported $117 billion of short-term government IOUs this spring; about $310 billion of these tokens out there$117.04 billion of US Treasuries in Tether’s March 31, 2026 attestation. Total stablecoins about $310.0 billion (DefiLlama, Sept 20).Tether announcements; DefiLlama
The Treasury Secretary has said out loud he’s counting on that demandStatement of July 18, 2025, on the signing of the GENIUS Act, describing a surge in demand for US Treasuries from stablecoins.US Treasury press release

Washington and Congress

What I saidThe recordSource
The government doesn’t shut down next week. It’s funded through December eleventhH.R. 6500, signed Sept 2, 2026.The White House
China’s president lands Wednesday and the meeting is Thursday. That’s as reportedAs reported by AP and Bloomberg. No White House schedule was posted when I recorded. So is the reported $14 billion Taiwan arms package.News reports, Sept 20
Congress did not pass an insider trading law. The House passed a bill in July. The Senate has never voted on itH.R. 7008, the Stop Insider Trading Act, passed the House July 22, 2026, 232 to 198. Placed on the Senate calendar August 6. No Senate vote. Members would keep what they already own.Congress.gov: H.R. 7008, all actions · House roll call 280
The biggest purchases on file are on Nancy Pelosi’s form, made by her husband: Bloom Energy stock, between one and five million dollars, July 24; Intel stock, between half a million and a million, the same dayPeriodic Transaction Report filed August 21, 2026. Owner code SP (spouse). Bloom Energy stock purchase July 24, $1,000,001 to $5,000,000. Intel stock purchase July 24, $500,001 to $1,000,000. The same filing lists call options on both. Filing a trade is legal and required.House Clerk: the filing itself (PDF)
The most-sold stock in the pile was Microsoft, at least four members. One member reported buying Treasury billsFrom every readable House transaction report filed Aug 21 to Sept 17, 2026. Five scanned filings could not be read, so the counts are floors. Every trade in the pile is dated Sept 8 or earlier.House Clerk: Financial Disclosure Reports

One correction to something I’ve said before

Earlier videos said the pump follows oil “about two weeks later.” The government’s own measurement is about half within two weeks and about 80% within four. This video uses the measured version.

The daily version of this

I’m Nathan Banks. I’ve been trading since 2001 and teaching the institutional framework, the Institutional Expansion Cycle™, since 2012. The videos are the weekly version of what I read every morning. The morning version, dated the same way, is the Daily Market Research. The free trade desk is at tradewithbanks.com/join. Nothing here is financial advice; trading involves risk.



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