UBS Asset Management out with a note to clients today emphasizing the need for a diversified portfolio due to increasing economic growth risks. Evan Brown is behind the note. He is the firm's head of multiasset strategy.Evan, welcome back. Good to see you. Um, so was Friday the beginning of a growth scare in your view.>> I mean, it it was jarring to see, you know, 150,000 uh three-month moving average drop to 35,000. And we've been of the view, I think everyone's been of the view that that there's going to ...

Stablecoin Regulation & Potential Impacts - The Genius Act, intended to regulate stablecoins, may increase the US trade deficit and negatively impact small American businesses [1] - The Act could create a new type of bank charter, resembling a tokenized money market fund, with implications extending beyond the crypto industry [3] - Concerns exist that the Act may siphon money from commercial banks, which are crucial for lending to farms and businesses [4][7] - The legislation might allow big tech companies to issue stablecoins, potentially tracking payments across their ecosystems, similar to practices in China, raising privacy concerns [8] Treasury Market & Fiscal Policy - The Act aims to stimulate trillions of dollars in demand for US Treasuries through increased stablecoin usage [3] - Increased demand for treasuries could lower long-term borrowing costs, but the source of this demand (potentially from commercial banks) needs careful consideration [6][7] - The impact of stablecoin-driven treasury demand on overall treasury market liquidity and the US fiscal path remains uncertain [11][12] Retirement Savings & Investment - Allowing more private investments within 401(k)s is a mixed bag due to undersaving and high fees [14] - Retirement savers should have access to plain vanilla products with diversified portfolios for long-term success [15] - While access to early-stage private companies may seem appealing, it carries risks of scams, fraud, and abuse, necessitating enforced regulations [16][17]

momentum is in cryptocurrency's favor. I was at Bitcoin 2025 in Las Vegas. The vice vice president showed up. Uh the president's sons were there.They're all in. And when you have that type of easy regulation and favoritism from the government, well, it's green lights. But if you've also noticed lately, Bitcoin has gone through this resurgence where it's not just retail investors who are buying it.Big companies are adding it to their treasuries by the billions, right. to grow their treasuries and have someth ...

Government & Regulation - Cryptocurrency momentum benefits from government favoritism and relaxed regulation [1] Institutional Adoption - Large companies are allocating billions to Bitcoin for their treasuries [2] - Companies aim to diversify their treasury assets away from solely dollar-denominated currencies [2] Financial Impact - A 10% increase in Bitcoin value can significantly improve a company's balance sheet, especially with holdings of $500 million [2]

For more on Powell's testimony and how the Middle East conflict uh factors into the Fed's thinking, let's bring in Fed Watch Advisors founder Ben Emmens. Ben, great to see you. Um I first want to ask you about bond yields being at 4.29% on the 10-year and and I'm just wondering because we saw this is a day when the markets rallied.We saw oil come off precipitously. All the risk premium got taken out of the oil market at this point and we didn't have much of a move in the bond market. So at this point is it ...