1. Nikkei 225 Index (1949-2025)—Japanese Stock Market Finally Breaks Above 1990 Bubble Highs
2. Tariffs Having Less of an Effect
Yahoo!Finance
3. Large Cap Growth Dominating Flows Again
Weekly ETF flows. “Over past week, flows into U.S. large-cap ETFs soared by nearly $10B … investment-grade bonds saw largest outflows, followed by U.S. small caps.”
Liz Ann Sonders
4. Putting Mega Cap Mag 7 in Perspective
The Irrelevant Investor
5. No Surprise…The Marriage of Tech and Defense VC Europe
PitchBook
6. Goldman Sachs and BNY join Forces to Transform $7.1 Trillion Money Market Industry with Digital Tokens
Key Points
- Goldman Sachs and Bank of New York Mellon have created the ability for institutional investors to purchase tokenized money market funds, CNBC has learned.
- Clients of BNY, the world’s largest custody bank, will be able to invest in money market funds whose ownership will be recorded on Goldman’s blockchain platform.
Via CNBC: Goldman Sachs and Bank of New York Mellon are set to announce that they’ve created the ability for institutional investors to purchase tokenized money market funds, CNBC has learned.
Clients of BNY, the world’s largest custody bank, will be able to invest in money market funds whose ownership will be recorded on Goldman’s blockchain platform, according to executives of the two firms.
The project has already signed up fund titans including BlackRock, Fidelity Investments and Federated Hermes, as well as the asset management arms of Goldman and BNY.
The Wall Street giants believe that tokenizing the $7.1 trillion money market industry is the next leap forward for digital assets after President Donald Trump last week signed a law marking the arrival of U.S.-regulated stablecoins. The GENIUS Act is expected to boost the popularity and use of stablecoins, which are typically pegged to the U.S. dollar, and JPMorgan Chase, Citigroup and Bank of America have said they are exploring their use in payments.
But unlike stablecoins, tokenized money market funds pay owners a yield, making it an attractive place for hedge funds, pensions and corporations to park their cash.
“We have created the ability for our clients to invest in tokenized money market share classes across a number of fund companies,” said Laide Majiyagbe, BNY’s global head of liquidity, financing and collateral. “The step of tokenizing is important, because today that will enable seamless and efficient transactions, without the frictions that happen in traditional markets.”
Money market funds are mutual funds that are typically invested in safer, short term securities including Treasuries, repo agreements or commercial paper. They are generally considered the most cash-like of investments that still offer a yield. Traditional money market funds can be liquidated within a day or two, though redeeming shares only happens during market hours.
Institutional and retail investors have rushed into the asset class in recent years, pouring roughly $2.5 trillion into them since the Federal Reserve began a rate-hiking cycle in 2022.
The banks view tokenized money market funds as setting the foundation for a future in which the assets are traded in a real-time, always-on digital ecosystem. Investors and corporations could lean on stablecoins for global payments and tokenized money market funds for cash management.
But tokenizing the asset class gives the funds new capabilities beyond speed and ease of use; the digitized funds could eventually be transferable between financial intermediaries without having to first liquidate funds into cash, according to BNY and Goldman.
That could bolster its use by the world’s largest financial players as collateral for a multitude of trades and margin requirements, said Mathew McDermott, Goldman’s global head of digital assets.
“The sheer scale of this market just offers a huge opportunity to create a lot more efficiency across the whole financial plumbing,” McDermott said. “That is what’s really powerful, because you’re creating utility in an instrument where it doesn’t exist today.”
7. U.S. Beef Prices …Protein Bull Market Adding to Supply/Demand Factors
Yahoo!Finance via SpilledCoffee
8. Meat Replacement Beyond Meat Stock -97%
9. 46% of American Homes Being Purchased by 60+ Year Olds
In 2024, more US homebuyers were aged 70 and above (20% of buyers) than under 35 (around 15%). In fact, 46% of homes were purchased by those aged 60 and over. DB noted: “Over the long run, property is an asset that ultimately gets redistributed from one generation to the next. Right now, that handoff is being stalled by high interest rates and elevated home prices. At some point, either—or both—will have to adjust, or real wages for younger people will need to rise sharply. Eventually, the younger generation will own the homes currently held by the older generation. We just don’t yet know what the price will be.”
Zach Goldberg Jefferies
10. The Power of 1% Better Each Day
James Clear
