Euro and ECB north The euro' fell nearly 1.65% in Q1, only to claw back about 1.25% in April. At one level, that looks like noise within a broader range. At another, it reflects a market that has been repeatedly and abruptly forced to reprice the policy outlook in response to shifting geopolitical and [...]
Oil Prices Advance Ahead of What Will likely be Powell's Last FOMC Meeting (as Chair) north There are two dominant issues today. First, the ceasefire in the Middle East continues, but the blockade of Iran is an act of war, and the Strait of Hormuz remains blocked even if there are some reports that a few ships have managed to transit it. July Brent is at new contract highs and June [...]
Allocation Update - Q1 2026 north Q1 2026 continued our focus on strengthening Ethereum’s foundations, with sustained investment in core domains like cryptography, zero-knowledge proofs, security, and protocol research. See the list below of the projects and ecosystem efforts we supported this quarter as builders advance [...]
Three Dissents in Favor of a Rate Hike Fail to Support the Yen north The markets seem nervous. The dollar is higher against all the G10 currencies and most emerging market currencies. June WTI, which was at $82.60 on April 17, is now pushing against $100. July Brent, which was at $86.50, is now approaching $105. Both are up for the sixth session of the past [...]
New Iranian Proposal Helps Bolster Risk Appetites north The breakdown of talks between the US and Iran initially warned of a risk-off session, but a new Iranian proposal appears to have revived the hopes of a resolution. The US dollar is trading softer and equities in Asia Pacific and Europe rose while bond yields were under pressure. The front [...]
May 2026 Monthly north The global capital markets will enter May with a sense of transition rather than resolution. Neither the Federal Reserve, nor the European Central Bank or the Bank of Japan meet in the month ahead. The market is inclined to see the third consecutive hike by the Reserve Bank of Australia but [...]
Celo at Six: The Most Widely Adopted Blockchain for Stablecoins north Six years ago today, Celo mainnet launched on Earth Day as an EVM-compatible blockchain with an ambitious mission: to create the conditions of prosperity for all. The network was born out of a need to build borderless financial systems accessible to anyone with a smartphone — leveraging [...]