Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds
The investment bank told its financial advisors Wednesday in an internal memo that the bank is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.Two of the funds on offer are from Galaxy Digital, the crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.The bank is only allowing its wealthier clients access to the volatile asset: The bank consider
The market is getting nervous about Powell’s testimony this week
Federal Reserve Chairman Jerome Powell speaks twice to Congress this week as part of mandated semiannual testimony.Normally nonevents for the market, the central bank leader’s comments will be viewed closely this week for how he views this year’s run-up in bond yields.Investors worry that too quick of a rise might force the Fed to tighten policy too quickly, while a complacent Fed also would pose overheating risks.Rising bond yields and accompanying inflation fears are adding a level of drama to