According to Wallstreetcn, CME Group said U.S. natural gas futures open interest reached a record 1.807 million contracts on September 1, surpassing the previous high of 1.801 million contracts set in November 2024.

U.S. Treasury yields were little changed on Wednesday as oil-price swings drove trading. According to Sina Finance, early losses in WTI crude futures lifted Treasuries, but a rebound in oil prices later in the day erased those gains. Demand for downside protection in the U.S. Treasury options market remained strong, with several large bearish option trades in longer-dated contracts. By a little after 3:00 p.m. in New York, U.S. Treasury yields were slightly lower on the day, with shorter maturities outperforming and the 2s10s spread widening by about 1.5 basis points. The 10-year U.S. Treasury yield closed at about 4.795%, near Tuesday's closing level. By the close, WTI crude futures were up less than 1% as investors continued to assess the impact of the latest U.S.-Iran conflict on Middle East energy exports. Canadian government bonds underperformed U.S. Treasuries after the Bank of Canada struck a hawkish tone following its decision to hold rates steady. Interest-rate swap markets are currently pricing in about an 80% probability of a 25-basis-point rate hike by year-end. At 4:23 p.m. U.S. Eastern Time, the 2-year Treasury yield was 4.369%, the 5-year yield was 4.5339%, the 10-year yield was 4.78%, and the 30-year yield was 5.2571%. The 2-year/10-year yield spread was 40.9 basis points, while the 5-year/30-year spread was 72.14 basis points.

According to Jin10, New Zealand Fed Chair Breman said inflation expectations would become unanchored if policymakers do not act on monetary policy, and that there is a real risk.

The NBA suspended Los Angeles Clippers owner Steve Ballmer for one year for violating salary cap rules and fined star player Kawhi Leonard $700,000, according to Bloomberg. The league said the penalties were tied to breaches of salary cap rules.

According to Jin10, Microsoft (MSFT.O) said that under its new reporting structure, Azure will become a more purely consumption-based cloud platform and infrastructure business.

According to Jin10, Microsoft (MSFT.O) adjusted its outlook for the first quarter of fiscal 2027 and expects revenue from its Agents & Infra business to be between $75.15 billion and $75.75 billion.

According to Jin10, Microsoft (MSFT.O) said artificial intelligence is "blurring the boundaries between our products and reshaping our business model."

According to Jin10, SEC filings show that Microsoft (MSFT.O) will report two business segments in fiscal 2027, including agents and infrastructure, and devices and consumers.

According to CNBC, Microsoft will begin disclosing quarterly revenue for its Azure cloud business for the first time and is reducing its operating segments from three to two. The company said the new structure will exclude GitHub cloud services, developer cloud services, Security Copilot and healthcare and life sciences cloud products from Azure, and it will recast two years of financial results and adjusted guidance while no longer showing costs and operating margins for the three old segments. Microsoft said the new segments will be Agents and Infra, and Devices and Consumer. Azure competes with Amazon Web Services and Google Cloud, and Microsoft said Azure has benefited from the artificial intelligence boom. CEO Satya Nadella said AI is changing what Microsoft builds and how it operates, blurring the boundaries between products and reshaping business models.

Chinese ADRs traded mixed on September 3, with the Nasdaq Golden Dragon China Index (HXC) down 0.05%. According to Sina Finance, among the gainers by market value, Tencent Music rose 1.21%, China Xinnongcun rose 1.40%, Li Auto rose 0.92%, New Oriental rose 0.15%, Full Truck Alliance rose 1.41%, Silergy rose 2.17%, Chunghwa Telecom rose 0.56%, WSP Holdings rose 0.38%, JOYY rose 0.70%, Kingsoft Cloud rose 0.10%, Pony AI rose 0.14%, MINISO rose 0.63%, Himax Technologies rose 0.63%, Smoore rose 2.79%, WeRide rose 1.48%, Dmall rose 6.61%, Ascentage Pharma rose 3.57%, VISN rose 4.18%, Yuchai International rose 2.91%, Tuya Smart rose 1.64%, 360 DigiTech rose 2.03%, ATRenew rose 1.69%, and Atour Group rose 1.62%. Among the decliners by market value, TSMC fell 0.36%, Alibaba fell 0.92%, PDD Holdings fell 1.11%, ASE Technology Holding fell 0.94%, NetEase fell 0.50%, United Microelectronics fell 2.44%, JD.com fell 0.25%, Baidu fell 0.55%, Trip.com fell 0.48%, KE Holdings fell 1.13%, Futu Holdings fell 1.01%, ZTO Express fell 0.47%, Huazhu Group fell 0.49%, XPeng fell 0.81%, NIO fell 4.93%, BOSS Zhipin fell 1.42%, Bilibili fell 2.15%, Vipshop fell 0.61%, GDS Holdings fell 1.36%, Webull fell 1.42%, HSAI fell 1.13%, Autohome fell 0.77%, Nan Ya Technology fell 1.96%, Zhong Yang Financial fell 2.00%, NetEase Youdao fell 9.15%, and 21Vianet fell 2.41%. U.S. stocks closed broadly higher, while bond yields continued to climb and traders worried that rising oil prices would push up inflation. The Dow rose 0.56%, the S&P 500 rose 0.46%, and the Nasdaq rose 0.45%. Among major U.S. stocks, Dell rose 15.76%, U.S. Xpress fell 1.30%, CBRE Group Inc Class fell 1.65%, United Airlines rose 3.56%, Palo Alto Networks fell 9.28%, and PG&E fell 5.23%. In the Magnificent Seven, Nvidia rose 3.21%, Apple fell 0.05%, Tesla rose 0.26%, Meta Platforms rose 2.47%, Alphabet rose 0.53%, Amazon rose 0.02%, and Microsoft fell 0.84%.

9月2日，《富爸爸穷爸爸》作者罗伯特·清崎（Robert Kiyosaki）在播客节目中自曝“负债12亿美元”的言论引发市场广泛关注。

修路的日子告一段落后，以太坊终于开始动手收拾那些让普通人发疯的链上体验了。

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Bitcoin Asia 散场，三大信号：比特币转向全球支付储备，RWA 持有人月增 440%，AI 代理靠 Crypto 自动结算。行业不再问何时涨，只看谁真在用。

与贝森特的「介入主义」不同，沃什表现得极为克制。面对长期收益率居高不下的挑战，贝森特手中的工具箱远未枯竭，一旦火力全开，其对市场的冲击力将不亚于货币政策。

对于Robinhood Chain而言，Meme造富效应和高APR可以成为吸引流量和资金的第一把火，但要让这把火持续燃烧，最终还需要真实的交易需求和可持续的生态价值。

​无论是不是沃什在任，美联储的长期政策压力依然会是降息。当然，沃什宣布放弃前瞻指引，等于是推动政策体系本身也进入了模糊状态。

本文梳理Robinhood Chain目前有哪些主要协议，看懂Robinhood Chain的生态地图。

AMM诞生于早期区块链吞吐量低、订单修改成本高的技术约束，却成为近十年交易机制中最重要的创新之一。

Ethena 需要一个足够火热的股票永续合约市场才能获得高收益，但它进场本身，又可能亲手把这份高收益磨平。