Fixed Income

New York Life Investment Management has launched its first tokenized fund in partnership with Centrifuge. The product puts a U.S. high-yield corporate bond strategy onchain with subscriptions and redemptions settled in USDC.

A sharp flattening in the U.S. Treasury yield curve is pointing to a more hawkish Fed and a longer period of elevated borrowing costs. That backdrop could keep pressure on Bitcoin as investors weigh yield-bearing assets against non-yielding crypto.