Trump Made His Own Market Momentum
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5 Ways Trump Signing the GENIUS Act Could Impact Retirees
On July 18, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. Read More: Consider This: The GENIUS Act established regulations for stablecoins: cryptocurrencies pegged to 'stable' assets such as the U.S. dollar. It specified 'permitted payment stablecoin issuers' including both banks and nonbank entities. The law also clarified reserve requirements — the underlying assets held in reserve by the issuer to back the stablecoins, such as U.S. dollars or Treasury bills. So, how might the GENIUS Act impact retirees? Potential for Yield Some stablecoins are designed to generate a yield, despite being spendable like cash. That yield could come from the underlying reserve asset, or from lending out the underlying asset. 'For retirees, stablecoins could offer higher-yielding, low-volatility cash instruments,' explained David Materazzi, CEO of Galileo FX. 'In effect, owners could get the performance of a money market fund with something as spendable as cash. That makes holding liquidity more rewarding without increasing exposure to risk assets.' I Asked ChatGPT What Trump's 'Big Beautiful Bill' Means for Retirees' Taxes: Faster and Cheaper International Payments Owners can transfer stablecoins internationally for pennies, and near-instant speeds. That could make life far easier for family members to support one another across borders and currencies. Magnus Larsson, founder of fintech company MAJORITY, sees huge advantages for international transfers. 'Stablecoins, when properly backed and transparent, offer a more efficient way to move money globally without the delays and fees traditional systems impose, transforming money movement much like VoIP transformed telecom.' Estate Planning Through Smart Contracts Cryptocurrencies allow for smart contracts, in which the owner can set up self-executing orders within the blockchain technology. In other words, owners can set up automated transfers within the cryptocurrency itself — without needing a human intermediary such as a trustee. 'Smart contracts allow more transparent and controlled gifting, even from beyond the grave,' noted financial planner Christina Lynn of Mariner Wealth Advisors. 'While this remains speculative, regulated stablecoins could someday support innovative estate planning tools that automate distributions to beneficiaries and reduce traditional trust administration costs.' High Transparency Means No Privacy Blockchain technology stores every transaction in its history. That transparency is useful, but it also makes the owner's spending public. 'Every transaction becomes traceable, timestamped and stored,' observed Materazzi. 'Retirees used to cash will lose financial privacy entirely. If stablecoins become the default for Social Security or Medicare reimbursements, then spending data becomes a public-private asset.' Risk of Platform Failure Nonbank entities can now issue stablecoins — without being FDIC-insured. Crypto exchanges have failed in the past, or suffered theft. Remember the Mt. Gox heist in 2014? Hackers made off with 850,000 Bitcoins — worth over $100 billion today. Retirement planning counselor Jake Falcon of Falcon Wealth Advisors sees huge risk among issuers. 'Without FDIC insurance or SIPC protections, losses could be permanent,' he said. 'Allowing nonbank entities to issue digital currencies without uniform oversight could echo the 19th-century wildcat banking era, where unregulated banks issued their own notes, often leading to collapse.' Stablecoins offer both opportunities and risks to retirees. Proceed with caution after speaking with your financial advisor. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Here's the Minimum Salary Required To Be Considered Upper Class in 2025 Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 5 Ways Trump Signing the GENIUS Act Could Impact Retirees Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Asia shares sideswiped by US economic jitters, oil slips
By Wayne Cole SYDNEY (Reuters) -Asian share markets followed Wall Street lower on Monday as fears for the U.S. economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. Some early resilience in U.S. stock futures and a continued retreat in oil prices did help limit the losses, but the bleak message from the July payrolls report was hard to ignore. Not only had revisions meant payrolls were 290,000 below where investors had thought they would be, but the three-month average slowed to just 35,000 from 231,000 at the start of the year. "The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months," noted analysts at Goldman Sachs. "Taken together, the economic data confirm our view that the U.S. economy is growing at a below-potential pace." Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened to undermine confidence in U.S. economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. Analysts assume the appointee will be loyal to Trump alone, though the president did grudgingly concede that Fed Chair Jerome Powell would likely see out his term. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," said Ray Attrill, head of FX research at NAB. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets moved quickly to price in a lot more easing with the probability of a September rate cut swinging to 90%, from 40% before the jobs report. Futures extended the rally on Monday to imply 65 basis points of easing by year-end, compared to 33 basis points pre-data. Markets have essentially already eased for the Fed with two-year Treasury yields down another 4 basis points at 3.661%. They tumbled almost 25 basis points on Friday in the biggest one-day drop since August last year. DOLLAR DENTED The prospect of lower borrowing costs offered some support for equities and S&P 500 futures inched up 0.1%, while Nasdaq futures rose 0.2%. Asian share markets, however, were still catching up with Friday's retreat and the Nikkei fell 2.1%, while South Korea dipped 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan broke the mould and firmed 0.3%. Wall Street has also taken comfort in an upbeat results season. Around two-thirds of the S&P 500 have reported and 63% have beaten forecasts. Earnings growth is estimated at 9.8%, up from 5.8% at the start of July. Companies reporting this week include Disney, McDonald's, Caterpillar and some of the large pharmaceutical groups. The dismal U.S. jobs data did put a dent in the dollar's crown of exceptionalism, snuffing out what had been a promising rally for the currency. The dollar dipped 0.1% to 147.24 yen, having shed an eye-watering 2.3% on Friday, while the euro stood at $1.1585 after bouncing 1.5% on Friday. The dollar index was pinned at 98.659, having been toppled from last week's top of 100.250. Sterling was more restrained at $1.3287 as markets are 87% priced for the Bank of England to cut rates by a quarter point at a meeting on Thursday. The BoE board itself is expected to remain split on easing, while markets still favour two further cuts by the middle of next year. In commodity markets, gold was flat at $3,361 an ounce, having climbed more than 2% on Friday. [GOL/] Oil prices extended their latest slide as OPEC+ agreed to another large rise in output for September, which completely reverses last year's cuts of 2.2 million barrels per day. [O/R] Brent dropped 0.6% to $69.24 a barrel, while U.S. crude also fell 0.6% to $66.93 per barrel. Sign in to access your portfolio
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Pagliuca's $325M bid to buy and move Connecticut Sun not yet approved by WNBA
Boston Celtics minority owner Steve Pagliuca said the potential deal to buy the Connecticut Sun for a record amount and move the team still needs approval from the WNBA Board of Governors. Pagliuca released a statement through his group on social media on Sunday confirming an offer had been made to buy the team and move it out of Mohegan Sun Arena, but said there were still approvals that had not been obtained from the WNBA. A person with knowledge of the sale had said Saturday that Pagliuca has reached a deal to buy the Connecticut Sun for a record $325 million and move the team to Boston. The franchise wouldn't play in its new home until the 2027 season. Pagliuca also would contribute $100 million for a new practice facility in Boston for the team, the person said. The person spoke to The Associated Press on condition of anonymity on Saturday because the deal hasn't been publicly announced. 'Central to our proposal is enabling the Sun to play in larger capacity arenas in New England,' Pagliuca wrote. 'We believe our record-setting offer and deep commitment to growing the WNBA in the region that is home to the most passionate basketball fans in the nation will significantly benefit the league, the team, and all its fans." The sale is pending approval of the league and its Board of Governors. 'Our offer is subject to obtaining the required league approvals, as is the case for all such transactions,' Pagliuca wrote on social media. 'This approval has not been obtained thus far, and we cannot proceed without it. We will respect, cooperate with, and abide by all league rules and decisions on these matters.' The league put out a statement Saturday, saying that moving a team was at the discretion of the WNBA and not individual franchises. 'Relocation decisions are made by the WNBA Board of Governors and not by individual teams,' the league said in a statement. The Sun have played one regular season game at TD Garden each of the last two years, including one against Caitlin Clark and the Indiana Fever in July. The league has announced five expansion teams that will begin play over the next five seasons with Portland (2026), Toronto (2026), Cleveland (2028), Detroit (2029) and Philadelphia (2030) joining the WNBA. Each paid a then-record $250 million expansion fee. Nine other cities bid for expansion teams, including Houston, which the league singled out as getting a team in the future when it announced Cleveland, Detroit and Philadelphia in June. Boston did not. 'No groups from Boston applied for a team at that time and those other cities remain under consideration based on the extensive work they did as part of the expansion process and currently have priority over Boston. Celtics' prospective ownership team has also reached out to the league office and asked that Boston receive strong consideration for a WNBA franchise at the appropriate time.' The Boston Globe first reported the sale. The Sun are owned by the Mohegan Tribe, which runs the casino where the team has played since 2003. The Tribe bought the franchise for $10 million and relocated it from Orlando that year. The Connecticut franchise was the first in the league to be run by a non-NBA owner and also became the first to turn a profit. The team announced in May that it was searching for a potential buyer for the franchise and had hired investment bank Allen & Company to conduct the probe. The WNBA has experienced rapid growth the last few seasons and ownership groups have been investing more into their teams, including player experiences. That has come in the way of practice facilities. The Sun are one of the few teams in the league that haven't announced any plans for a new training facility. Connecticut practices either at the arena in the casino or a local community center. Despite the lack of facilities, the Sun have been one of the most successful teams in the league, making the postseason in 16 seasons, including a run of six straight semifinal appearances. But the team was hit hard this offseason with the entire starting five from last season leaving either via free agency or trade. Connecticut is currently in last place in the WNBA at 5-22. The team sent out a letter to season ticket holders last week saying they'd still be playing at the casino next year. The last team to be sold in the WNBA was in 2021 when real estate investor Larry Gottesdiener led a group that bought the Atlanta Dream for under $10 million. A year earlier, Mark Davis paid roughly $2 million for the Las Vegas Aces. ___ AP WNBA:
