Everyone agrees tokenized assets will scale. Whether the infrastructure underneath scales first is what decides if the growth is durable. @nomos_paradox and @itsbhaji on the quiet work behind the scenes.

AI isn't just an equity story, credit markets are absorbing record supply. Hyperscalers have issued $169B in bonds in YTD 2026, with plans for $725 billion in combined capex before YE, up 77% from 2025. The coupon income story is intact, but duration is the hidden risk, with a decisive shift toward the long end. Prudent to stay in the front end and belly of the curve and security selection beats broad beta from here.

We will have new products we currently don't have names for yet. It's 2026 and should move past the standard 60/40 portfolio. 60/40 was always a retail compromise — a proxy for diversification when real diversification was inaccessible.

We’re proud to partner with @centrifuge as we take an important step in @NYLIManagement's tokenization journey. For more than 180 years, we have remained focused on our commitment to long-term investment outcomes over short-term noise. This is bedrock and will not change. #Tokenization# is the infrastructure that lets us keep serving our clients for the next century. Thank you to @itsbhaji, @anemoyanil and the entire team, who have been exceptional partners to me and @hey_elizabethy as we worked through this project. More to come and excited for what's next.

Here is another inflation risk factor I don't think the market has fully priced in yet - 2026 Super El Niño Iran conflict disrupted fertilizer supply. Now a Super #ElNino# is forming on top of it. → Two independent supply shocks → Same crop cycle → Same 2026–2027 window This is supply-driven inflation that monetary policy can’t fix. 🌡️ What @NOAA says: → 90%+ probability El Niño arrives Jun–Aug 2026 → 1-in-3 chance of a very strong event by year-end Peak pain in 2027 given 6–12 month production lag, with the most exposed being: 🔴 Sugar: India & Thailand production -20–30% 🔴 Cocoa: West Africa drought risk 🔴 Palm oil: Southeast Asia dry conditions 🔴 Wheat: Australia down ~9M tonnes in 2026/27 🔴 Rice: Indian monsoon failure risk The fertilizer double hit: → Urea prices doubled since Iran conflict → U.S. imports 90% of its potassium → Hormuz carries 1/3 of global fertilizer trade If the FAO food price index rises 50% by year-end ➡️ G7 food inflation hits double digits in 2027.

Here is a relatable inflation indicator - the Bacon Egg & Cheese w/Coffee Index. You don’t need a CPI report to feel inflation, just make breakfast. Markets largely looked through the inflation print, with Treasury yields little changed following the release. Attention now turns to next week’s FOMC meeting where policymakers will weigh the highest inflation print in three years against a resilient labor market. In the coming months, we remain focused on second-order inflation effects, specifically whether higher energy prices will feed into transportation and other energy-intensive categories, ultimately pushing core inflation higher.

Stand With Crypto and over 200 organizations sent a simple message to Senate leadership: it's time for the Clarity Act. The community is unified — large companies, startups, associations, and grassroots groups across the country are counting on their lawmakers to deliver rules of the road for crypto in America. The Clarity Act passed the Senate Banking Committee with bipartisan support. Now it needs to cross the finish line. Tell your Senators you want Clarity 👇

WSJ: JPMorgan, Bank of America, Citi, and Wells Fargo are building a tokenized deposit network to compete with crypto. The goal is to keep deposits inside the banking system while offering speed and 24/7 settlement. The network will be operated by The Clearing House, and it sounds like the underlying blockchain hasn’t been selected yet.

Looking ahead, forecasts for tokenized assets vary a lot but they all point in the same direction: growth. McKinsey: $2–4T by 2030. Ark Invest: $11T by 2030. BCG/Ripple: $9.4T by 2030, $18.9T by 2033. Standard Chartered: $30T + by 2034. The gap between $2 trillion and $30 trillion is more about definitions than adoption. Different institutions are measuring different things. McKinsey focuses mostly on bonds, loans, funds, and equities. Standard Chartered adds commodities and trade finance. BCG and Ripple include deposits and stablecoins alongside more traditional asset categories. Despite these differences, the broader trend is consistent: Asset tokenization is expected to expand.

“Only hawks get to go to central banker heaven” - former Dallas Fed President Bob McTeer At the end of the day, Warsh is a policy hawk. His more dovish comments last year were all about campaigning for the job. His focus will shift to his legacy - that means ensuring price stability. The word cloud below is based on Warsh’s prior communications.

Addepar and CNBC created the Family Office Portfolio Tracker – the first ever snapshot of the actual portfolios of family offices. 57% of UHNW investors are in illiquid and opaque asset classes. #Tokenization# doesn’t change what they own but how they own it. We now have a better benchmark on the $6T family office market. 60/40 portfolio should really not exist in 2026.

30Y yields broke 5%. 10Y at 4.46%. Markets pricing a Fed hike. This is the environment liquidity and shorter-duration credit matters. → Private credit at 9.5% & locked up vs. public credit HY at 8%+ 👉~150 bps illiquidity premium.

The Fed weighed in on tokenization at a speech last week to the Central Bank of West African States in Dakar. What the Fed ✅ supports: ✅ Intraday liquidity & collateral mobility = killer institutional use case ✅ Smart contracts automate margin calls & collateral substitutions ✅ Tokenized MMFs can dampen run risk ✅ Fractional ownership = expands access in emerging markets ✅ Multi-leg, multicurrency settlement = massive efficiency gain ✅ New competition — lowers barriers for fintech to challenge incumbents ✅ Cross-border payments — especially relevant for West Africa & EM What the Fed ⚠️ is watching: ⚠️ Run risk — 24/7 redemptions could accelerate stress events ⚠️ Token liquidity ≠ underlying asset liquidity — dangerous disconnect ⚠️ Interconnectedness — shocks transmit faster across tokenized & traditional systems ⚠️ Smart contract bugs — less human ability to intervene when automated ⚠️ Cyberattacks — common in DeFi, rising risk as scale increases ⚠️ Opaque assets — tokenizing illiquid assets creates hidden fragility

Coinbase has made a strategic investment in Centrifuge and selected Centrifuge as a Preferred Tokenization Infrastructure. Centrifuge brings deep institutional tokenization expertise. @coinbase brings consumer access, institutional relationships, and developer reach. Together, we’re bringing differentiated assets to @base.

Most divided since 1992 - but the dissenters weren't on the same side. A Fed divided between hawks and doves, a new chair with limited coalition support for cuts, sticky energy-driven inflation, and a geopolitical wildcard. Markets are currently pricing in no changes for the rest of 2026 and well into 2027. The 8-4 split today makes that more credible