Market Pulse

Over the past 12 hours, U.S. bond yields were surging again, a day after Treasury Secretary Bessent’s debt-buyback plan was meant to calm markets; stocks slipped as a result. The dollar’s tone remained tied to rate expectations, while China’s central bank pledged timely policy tool adjustments. Bank of England’s Bailey cautioned investors not to count on UK rate hikes. In commodities, Russia’s central bank has shifted from top gold buyer to steady seller, a notable supply-side nuance. Macro crosscurrents: official support measures versus rising term premiums. In crypto, regulatory catalysts dominated. Bitcoin climbed above $70K as Trump backed the CLARITY Act at a White House meeting with crypto and finance CEOs, with a Strategic Bitcoin Reserve also discussed. The SEC has proposed its own crypto asset regulation, and CFTC officials have put staff on notice to write rules if the bill stalls. Institutional plumbing is also advancing: FASB’s stablecoin cash-equivalent proposal is seen as key accounting infrastructure. XRP’s 20%+ rally to fifth-largest token capped a risk-on tape.