Warsh Confirmed as Fed Chair; 10-Year Yield Hits 11-Month Peak
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Kevin Warsh confirmed as Fed Chair by the Senate on May 14, replacing Jerome Powell.link ›
- 10‑year Treasury yield rose above 4.55% for the first time since May 2025.link ›
- Bitcoin fell below $80,000, losing about 3% in a single day.link ›
- JPMorgan filed an SEC registration for a tokenized Treasury money‑market fund on Ethereum, named JLTXX.link ›
- Kinexys Digital Assets will run the Ethereum infrastructure for JPMorgan’s tokenized fund.link ›
- MoonPay acquired Dawn Labs and launched the Dawn CLI, a no‑code AI tool for Polymarket prediction‑market trading.link ›
- Michael Saylor posted a rap video on X promoting the equity ATM approach to fund bitcoin buys.link ›
Kevin Warsh was confirmed as Federal Reserve Chair as investors brace for persistently high U.S. Treasury yields driven by oil-fueled inflation, with the benchmark 10-year note hitting an 11-month peak and the yield curve steepening.
The stories behind this week
MoonPay Acquires Dawn Labs, Launches AI Trading CLIPrediction‑market traders gain a no‑code way to execute strategies, boosting liquidity and cutting the edge of specialized quant firms while expanding MoonPay’s AI‑driven service suite.
Kevin Warsh Confirmed as Fed ChairThe Fed gains a new chair with close White House ties, potentially altering monetary policy direction. Markets face uncertainty as a politically aligned leader takes charge during high inflation, risking perceived erosion of central bank independence.
ITR filing 2026: How gains from crypto and foreign stocks are taxed in India; what happens if you fail to report it?Indian investors must now allocate 30% of crypto profits to tax and risk 50‑70% penalties for nondisclosure, while foreign‑stock holders face ₹10 lakh fines and possible imprisonment, tightening compliance and reducing capital inflows.
Bullish Shares Dip on Earnings Miss, $605 Million Loss as Value of Crypto Holdings FellInvestors in Bullish see their holdings shrink as the stock slipped over 8 % and the firm’s crypto losses swell, while the proposed Equiniti acquisition aims to power tokenization, potentially offsetting future market volatility.
Strategy Raises Stock to Buy Bitcoin, Saylor Raps on XShareholders who fund the equity raises gain exposure to bitcoin’s upside, while short‑term critics see their positions eroded; the cash infusion expands Strategy’s bitcoin holdings, reinforcing its market‑share narrative.
JPMorgan Files Tokenized Treasury Fund on EthereumStablecoin issuers gain a compliant Treasury yield source, while traditional money‑market competition intensifies; JPMorgan’s fund could capture a share of the $32 billion tokenized asset market, pushing banks to embed blockchain infrastructure.
Bitcoin price dives under $79K as US bond market triggers 3% BTC price routBitcoin and equity investors see losses as US yields climb, while higher Treasury rates push up borrowing costs for consumers and businesses, tightening financing for mortgages, auto loans, and corporate debt.
Stocks tumble as US-Iran impasse fuels inflation fearsInvestors lose as equities dip and bond yields spike; oil‑price surge pushes energy costs higher, prompting governments like the UK to consider consumer support measures to curb inflation.
Why it matters: Warsh inherits a Fed chair role where the central lever — interest rates — cannot fix the core problem: oil prices driving inflation through a Middle East conflict. That leaves long-term yields on a path toward 5%, raising borrowing costs for mortgages, corporate bonds, and leveraged loans while pressuring stocks — and Warsh's balance-sheet preferences could amplify the curve steepening by removing a major buyer of Treasuries.
