Markets
Where the money is moving, and what it means for the choices in front of you.
48 stories
Markets price a September hike. The Fed's trimmed mean reads 2.3%.
Core PCE runs 3.3%. The Dallas Fed's trimmed mean runs 2.3%. That gap opened twice since 1980, and it closed in opposite directions each time.
The Editors · 9 min read
The August jobs report added 162,000. Two sectors gave 101,000.
Payrolls beat every forecast at 162,000. Restaurants and local schools supplied 101,000 of it, real hourly pay fell 0.2%, hike odds hit 60.4%.
The Editors · 8 min read
Companies plan $215B of bonds in September. Read who absorbs it.
Dealers expect a record $215 billion of high-grade supply in September, into a 30-year at 5.25%. The AI buildout borrows, and your bond index fund buys.
The Editors · 9 min read
Japan's 10-year hit 3%. Its money stopped leaving the country.
Japan’s benchmark yield touched 3% on September 1. Its biggest investors sold 1.8 trillion yen of foreign bonds this year, after buying 9.66 trillion last year.
The Editors · 10 min read
Nvidia's supply commitments hit $279B. Read who carries the risk.
Nvidia's record quarter came with $279 billion in supply commitments, 15 extra days of customer credit, and operating cash flow down by half.
The Editors · 10 min read
Treasury doubled its bond buybacks. That adds $14 billion.
Treasury's doubled cap buys at most $14 billion of extra long bonds by November 4. It auctions $148 billion of new ones over the same weeks.
The Editors · 11 min read
Jackson Hole 2026 is about payments. The rate signal came in July.
The Fed’s biggest stage this year is themed on payments. Three officials already voted to hike on July 29. That vote is the September signal.
The Editors · 9 min read
Ethereum staking hit a record 34%. Read why yields fell.
About 34% of all ETH is now staked, a record. The reward fell to a three-year low of 2.66%, and a live proposal would cut it again. See who pays.
The Editors · 7 min read
Banks are tokenizing deposits to beat stablecoins. Read the gap.
Wells Fargo, JPMorgan and Citi each built a deposit token. None can move money between banks until 2027, and stablecoins already can. Here is the real fight.
The Editors · 8 min read
Goldman paid $2.25B for a bitcoin income ETF. Read the yield.
Goldman is buying NEOS and its headline 27% bitcoin income fund. Over the past year that fund lost about 43% with every distribution counted.
The Editors · 8 min read
Bitcoin volume hit a three-year low. Read the leverage under it.
Perpetual futures volume fell to a three-year low while open interest held high. More leverage per dollar traded, and July's tame CPI left the spring coiled.
The Editors · 5 min read
S&P 500 earnings grew 50.4% last quarter. Two stocks did a third.
The blended number is the best since 2021. Strip out Alphabet and Amazon and it drops to 32%. Read which figure describes the market you actually own.
The Editors · 6 min read
Tokenized stocks traded $18.2B in July. Read what you own.
Tokenized stock volume hit $18.2B in July on a market holding about $2.2B. The token is a redemption claim on an issuer, not the share. Read who holds what.
The Editors · 7 min read
Anthropic passed OpenAI in revenue. Read how it's counted.
Anthropic reports a $47B run-rate to OpenAI's $24B. It books gross cloud-reseller spend where OpenAI counts net. October's IPO forces the audited number.
The Editors · 6 min read
Crypto perpetual futures came to the US. Read the house edge.
Kalshi, Kraken and Coinbase now sell CFTC-regulated crypto perps to US traders. The leverage is capped. The funding and liquidation math is not.
The Editors · 8 min read
Coldcard’s $130M hack wasn’t a cold storage failure. Read the bug.
Coldcard wallets lost about $130M in bitcoin. The devices stayed offline the whole time. The flaw was a disabled random generator that made seeds guessable.
The Editors · 8 min read
The GENIUS Act barred stablecoin yield. BlackRock just claimed it.
BlackRock launched two tokenized funds on August 3 to hold stablecoin reserves. The yield holders can't legally earn now flows to the reserve manager.
The Editors · 6 min read
Binance.US wants into $50B prediction markets. Read the license.
Binance.US will file for a CFTC license in August to run prediction markets. The market topped $50B in June, and the venue keeps the fees whoever wins.
The Editors · 7 min read
Morgan Stanley's ETH and SOL ETFs stake for you. Read the real yield.
Morgan Stanley launched the cheapest US Ethereum and Solana ETFs at 0.14%. The fee is the smallest number that decides what you take home. Here is the math.
The Editors · 8 min read
Citadel Securities put $600M into two crypto exchanges. Read the play.
Citadel Securities runs a third of US retail stock trades. In eight months it bought into Kraken and Crypto.com, both chasing tokenized stocks. Read the play.
The Editors · 8 min read
SpaceX booked $76B in AI compute rent. Read who pays it.
SpaceX's IPO filing shows a compute-rental business booking $76 billion through 2029. Anthropic alone pays $1.25 billion a month. Read who really profits.
The Editors · 7 min read
Regulators missed the GENIUS Act deadline. January 18 didn't move.
Six agencies blew the July 18 statutory deadline for stablecoin rules. Section 20 holds the compliance date at January 18, 2027, and shortens the runway.
The Editors · 7 min read
Chips shed $1.5T in three weeks. Your index fund owns it.
Semiconductors lost $1.5 trillion since June 25. Because seven stocks are 34% of the S&P 500, a passive index fund took the hit, and bitcoin fell too.
The Editors · 6 min read
Japan's 20% crypto tax starts in 2028. The costs start now.
Japan's Diet passed the crypto bill on July 15. The flat 20% tax lands in 2028, the reclassification in 2027, and no ETF sits in the law at all.
The Editors · 11 min read
Stablecoin supply fell $10B while volume hit a record. Read the split.
Stablecoin supply lost $10 billion since May, but June volume hit a record $1.79 trillion. The float and the flow split, and each has a different leader.
The Editors · 7 min read
The GENIUS Act rulebook is due July 18. Read who gets to issue.
Six agencies must finalize US stablecoin rules by July 18. A $5M floor and a yield ban decide who issues, and the market is already shrinking.
The Editors · 9 min read
The Fed flipped from a cut to a hike. Read the three drivers.
In March the Fed's own projections implied a 2026 rate cut. By June they implied a hike. Tariffs, Middle East energy, and the AI buildout moved it.
The Editors · 6 min read
The CLARITY Act has three fights left. Read who each one protects.
The Senate returns July 13 with about three weeks to move the crypto market bill. The blockers are Trump's tokens, developer liability, and Coinbase's yield.
The Editors · 8 min read
USDT returns to Bitcoin after 12 years. Read who owns the rail.
Tether is putting USDT back on Bitcoin via the RGB protocol. The rail runs on a company Tether helped fund. Adoption, not code, decides if it matters.
The Editors · 6 min read
Coinbase is becoming a stock broker. Read the fee cycle.
Coinbase won a UK license to sell equities and perpetual futures. Its transaction revenue fell 23% last quarter. The two facts are connected.
The Editors · 7 min read
MiCA pushed USDT off EU exchanges. Read what Circle won.
On July 1 MiCA's grandfathering ended and licensed EU exchanges dropped USDT. Circle's USDC and EURC stayed. The prize is smaller than it looks.
The Editors · 7 min read
The SEC reopened the ETF rulebook. Crypto's fast lane is the target.
On July 2 the SEC asked 27 questions about novel ETFs. The wording points at the rule that let single-asset crypto funds list in weeks. Read it.
The Editors · 6 min read
Chips are 19.7% of the S&P 500. Your index fund is an AI bet.
The S&P 500 booked its best quarter since 2020. Semiconductors are now a record 19.7% of the index, and 38% of its members fell in the first half.
The Editors · 6 min read
Bitcoin ETFs bled a record $4B in June. Read the exit.
US spot Bitcoin ETFs shed a record $4B in June, most of it from one BlackRock fund. The wrapper sold as a floor became the fastest exit down.
The Editors · 6 min read
BlackRock added Ethena's USDe to Aladdin. Read the yield engine.
BlackRock added USDe to its $20T Aladdin platform and opened a $100M stablecoin facility for BUIDL. The plumbing changed. The basis-trade yield did not.
The Editors · 7 min read
Alphabet joined the Dow. Goldman Sachs still outweighs it 3x.
Alphabet enters the Dow on June 29 as a $4 trillion company, yet the price-weighted index still gives Goldman Sachs three times its sway. Read the math.
The Editors · 6 min read
Ethereum Foundation cut 20% of staff: read the endowment math
The Ethereum Foundation cut 54 jobs and 40% of its 2026 budget. The bigger move is turning an ETH-selling treasury into an endowment that lives on yield.
The Editors · 7 min read
Bitcoin is back on its 200-week line, moving with chips not gold
Bitcoin sits on the 200-week average that marked past bottoms, down with the Nasdaq while gold prints records. Here is what the correlation tells you.
The Editors · 7 min read
The Fed dot plot flipped to a hike. Warsh skipped his own dot.
The June dot plot moved from a cut to a hike and markets repriced in a day. The new chair refused to draw his own dot and may scrap the tool. Read the curve.
The Editors · 7 min read
Circle's cirBTC is live. Read what changes in wrapped Bitcoin.
Circle launched cirBTC on June 8 with real-time Chainlink reserves. The fight with WBTC and cbBTC is about the trust model, not the backing.
The Editors · 6 min read
SpaceX trades on Solana from day one. Read what the token is.
When SpaceX hits Nasdaq today, a tokenized version goes live on Solana the same hour. The token is a Backpack custody claim with 24/7 trading and no SIPC.
The Editors · 9 min read
GENIUS Act stablecoins: holders rank fifth in issuer bankruptcy
The FDIC just confirmed: stablecoin holders get no pass-through coverage. The GENIUS Act promises first priority. In court, holders are fifth in line.
The Editors · 8 min read
SpaceX wants $1.75T. The S&P 500 just removed the easy bid.
S&P Dow Jones denied SpaceX fast-track index entry on June 5. About $14B of forced passive buying is gone. The IPO has to price on Starlink and xAI now.
The Editors · 8 min read
May jobs beat killed the 2026 rate-cut trade. Read the curve.
Nonfarm payrolls came in at 172K versus an 80K forecast. The 2-year ripped 11 basis points and hike odds jumped past 50%. Read the bond market.
The Editors · 8 min read
Why Strategy sold 32 Bitcoin: the math says it had to
Strategy sold 32 BTC for $2.5M to fund preferred dividends. The $1.712B annual bill against a $900M reserve made the move mechanical, not symbolic.
The Editors · 7 min read
Anthropic's $36B chip deal: read the Broadcom backstop
Apollo is raising $36 billion in private credit to buy Google TPUs for Anthropic. Broadcom is guaranteeing the resale value of its own chips.
The Editors · 9 min read
Citi's $5.5T tokenization forecast: read the assumptions
Citi forecasts a $5.5 trillion tokenized securities market by 2030. The number is plausible, but the rails it grows on are mostly closed to retail crypto.
The Editors · 8 min read
Read the bond market first
Equities get the attention. The bigger signal usually shows up in rates.
The Editors · 3 min read