DeFi Infrastructure - Pendle and Zora are building infrastructure for DeFi 2.0 [1] - Infrastructure is more enduring than temporary yields [1] - Liquid lockers preserve voting rights across protocols [1] - Deep integration with Uniswap V4 is planned [1] - Cross-chain infrastructure is already operational [1] Market Perspective - The market is currently focused on chasing yields [1] - The market may be overlooking the importance of infrastructure development [1]

Market Trends - Treasuries rallied, particularly 30-year bonds, indicating potential market anticipation of government actions [1] - The rally is likely driven by expectations that the US government will announce debt-issuance plans aimed at controlling yields on long-dated debt [1] Government Policy Impact - The market is closely watching for signs of how the US government intends to manage yields on long-dated debt through its debt-issuance strategies [1]

Market Trends - Japan's two-year government bond auction saw the strongest demand since October [1] - Investors were attracted to yields that have approached the highest since 2008 [1]

Market Trends - Some of Europe's biggest public-sector issuers' dollar bonds are trading at yields below comparable US government debt [1]

Market Overview - Base Hits Aave TVL reaches $1.2 billion [1] - Solana bridges BTC reaches $839 million [1] Industry Trend - Single chain model is obsolete [1] - Capital flows towards highest yield opportunities [1] - Companies must adapt to survive [1]

Government Debt Market - Growing concern over widening fiscal deficits dented demand for long-term debt [1] - Yields for long-term debt from Japan and Germany to the UK and France rose [1]

Government bonds in Britain offer higher yields than those of any of its economic peers https://t.co/rJ8fVYmUJh ...

Tech Sector Analysis - Tech earnings continue to print well into the double digits, reaching all-time highs, driven by fundamentals rather than just multiple expansion [1] - The value of tech in portfolios is significant, especially with tariff uncertainty, making US growth exposure valuable [2] - Overweighting tech in portfolios can be justified if earnings continue to print and multiples expand, particularly if a tariff-induced slowdown occurs [3] - Quality active management is crucial within the tech sector, specifically within the "Magnificent 7" portion [4] Tariff Impact and Economic Outlook - The market is still awaiting the bite of tariffs, with a wide range of potential outcomes [5][6] - Commentary on consumer behavior and business investment decisions is important in assessing the impact of tariffs [6] - Focus should be on how tariff rates on major partners (Canada, Mexico, China) affect the economy, while monitoring GDP resilience [8] - There are concerns about the lower cohort, with negative year-on-year card spend and light comps in certain sectors [7] Investment Strategy - A balanced approach in a multi-asset portfolio is currently most appropriate [10] - Mid-single-digit yields on core fixed income are competitive with mid-single-digit earnings yields on equities, given elevated multiples [11] - The strategy is to remain patient, vigilant, and opportunistic, waiting for the next bout of volatility [12] - US growth is expected to be the dominant driver of 10-year Treasury yields in the long term, with yields in the mid-4% range commensurate with US growth [14]

Market Trends - Municipal bonds are expected to rebound after experiencing their weakest first half performance relative to US Treasuries in five years [1] Investment Opportunities - Attractive yields and inexpensive valuations are drawing investors to municipal bonds [1]

Australia’s debt manager is considering scaling back its issuance of ultra-long bonds as rising yields make funding more expensive https://t.co/IM19ID4HPf ...