Stay up to date on new scholarship from the Fed’s 12 Reserve banks by subscribing to our working papers digest. The latest edition features 42 papers on topics like deposit insurance, agentic AI and oil supply

Agents will not outcompete high frequency traders. The opportunity is strategy generation, research, and capital allocation. That is where the gap is. Dylan Dewdney (@dylandewdney), Soufia Trabelsi (@Cyborgxsoufia), Mikael Lazarev (0xmikko_eth), and Ben Weintraub (@bwein_), moderated by Tesa Ho (@defin00b), on agentic capital allocation and what tokenized finance actually unlocks:

Execution is becoming abundant. Optimization is becoming abundant. The scarce resource is imagination, judgment, and intent. That is what strategy is made of. Dylan Dewdney (@dylandewdney), Co-Founder & CEO, @kuvilabs, on why programmable strategy is the next abstraction layer in agentic finance: