Finance
Technology And 10-Year Notes: When Fintech And Finance Meet
Treasury policy aligns with technology policy to promote long-term growth in the United States. … [+]
In an all-encompassing interview with Bloomberg, U.S. Treasury Secretary Scott Bessent emphasized the Trump administration’s strategic focus on maintaining low 10-year Treasury yields. This approach marks a significant shift in economic and fiscal policy, which previously focused almost exclusively on pushing the Federal Reserve to cut its benchmark interest rate.
U.S. Federal Reserve Board Chairman Jerome Powell has overseen 100 bps in Fed rate cuts since Sep … [+]
Since the Fed began cutting interest rates in September 2024, 10-year Treasury note yields spiked from 3.6% in September to almost 4.8% in January. In the month since the last Non-Farm Payrolls report and the change in administration, yields have rallied by 30 basis points (bps), signifying increased demand.
Since taking office in January, the Trump administration has taken significant steps to demonstrate a commitment to strengthening U.S. leadership in innovating financial technologies. His crypto-focused executive order aims to establish regulatory clarity for digital assets and secure America’s position as a global leader in the digital asset economy.
Sen. Tim Scott, R-S.C. led Senate Banking Committee hearings on the practice of debanking. Hours … [+]
Over the past week, the Senate Banking Committee and the House Financial Services Committee held hearings on the aggressive enforcement actions and regulatory overreach during the Biden Administration. Commonly referred to as Operation Choke Point (OCP) 2.0, industry experts testified about how OCP 2.0 stifled innovation and growth in crypto and other “politically disfavored industries,” by providing little or no regulatory guidance and requests to “pause” banking activities with crypto companies, resulting in debanking.
Regulatory and legislative policy measures that foster innovation in digital financial technologies could work in tandem with fiscal policy to pave a path toward a more efficient U.S. financial system with positive implications for consumers.
The Role of Fiscal Policy
Secretary
Scott Bessent, US treasury secretary, right, during an interview at the Treasury Department in … [+]
Bessent’s comments highlight the importance of long-term interest rates in driving economic stability and growth. While the mainstream financial press focuses much of its attention on the U.S. stock market, the 10-year Treasury note is a cornerstone for the whole U.S. financial system.
The 10-year Treasury note yield is the benchmark by which mortgage rates and other loans are priced. … [+]
The benchmark reflects investors’ sentiments about the U.S. economy’s future and influences everything from mortgage rates to corporate borrowing costs. This relationship underscores the importance of maintaining low 10-year yields to support consumer spending and economic growth.
The 10-year note simultaneously serves as a bellwether for sentiment about general global stability. Backed by the full faith and credit of the U.S. government, U.S. bonds are considered a “flight to quality” investment. In times of global economic uncertainty or market volatility, investors sell riskier investments to buy U.S. Treasuries.
Price vs Yield
Financial press tend to focus on the stock market as a proxy for U.S. economic health and stability. … [+]
While stock investors talk about their assets in terms of price, bond mavens speak in terms of yield, which moves inversely to price. While this can be confusing for non-fixed income thinkers, bond markets, like all markets, respond to supply and demand.
Spend enough time on any trading floor and you’ll hear the most logical reason why any asset rallies (for 10-year notes, this means goes up in price, down in yield)– more buyers than sellers.
Innovation in Digital Financial Technologies: Catalysts for Efficiency
President Donald Trump signs executive orders in the Oval Office. His cryptocurrency-focused EO was … [+]
During its first month, the Trump administration has taken significant steps to promote innovation in digital financial technologies. Blockchain technology and cryptocurrencies are at the forefront of FinTech innovation.
Blockchain, a decentralized ledger technology, offers transparency, security, and efficiency in transactions. Cryptocurrencies, built on blockchains, provide new vehicles for digital transactions and financial inclusion.
Correlation Between Innovation and the Bond Market
For many, the correlation between technology innovation and the bond market can be elusive. While experts in both fields can point to the benefits in their own domain, the path to mutual benefit can be longer in duration (bond pun most definitely intended).
Blockchain technology can enhance the transparency and security of financial transactions, reducing the risk of fraud and improving investor confidence. This increased confidence can lead to greater demand for U.S. Treasury securities, including the 10-year note, thereby supporting lower yields.
The integration of blockchain and cryptocurrencies into the financial system can streamline payment processes, reducing transaction costs and settlement times. This efficiency can enhance liquidity in the financial markets.
USD₮ and USDC make up 86% of the rapidly growing stablecoin market. (Photo by Silas Stein/picture … [+]
Stablecoin development has been one of the fastest growing areas in the field. By mid-2024, there were over 180 stablecoin projects, a 574% increase over three years. Over 98% of the $230 billion stablecoin market is USD-denominated
If USD-denominated stablecoin issuers were aggregated and classified as a single investor, they would be one of the top 15 investors in U.S. Treasuries, somewhere between India and Brazil.
Increased confidence in the United States and the collateralization of stablecoins with U.S. Treasuries could both be catalysts for increased demand, driving prices higher and yields lower.
In turn, borrowing costs for consumers and corporations would decrease, making it more affordable to purchase homes and other goods and finance major capital expenditures.
The Long Game
Whether it’s technology or Treasuries, the ramifications of policy actions today may take time to manifest themselves. Like their namesake, 10-year Treasury notes reflect market expectations at that point in time. The uncertainty of such a long time horizon is reflected in the term premium, the extra compensation (higher yield) paid to investors for their investment in longer term bonds.
Standard rising yield curve. Context between the return and the maturity of a risk-free investment. … [+]
Treasury Secretary Bessent’s comments are aligned with technology policy mandates and reflect a nuanced understanding of the interconnectedness of fiscal policy, financial innovation, and market dynamics.
Focusing on 10-year Treasury yields instead of the Fed Funds rate is a change in fiscal policy. … [+]
By simultaneously encouraging digital financial technologies (cryptocurrency and blockchain) and implementing supportive fiscal policies, the Trump administration aims to create a favorable environment for economic growth driven by innovation. The focus on maintaining low 10-year Treasury yields is a strategic move that can benefit consumers, businesses, and investors alike. As we navigate the complexities of the modern economy, the integration of advanced technologies and sound policy measures will be key to sustaining long-term prosperity.
DULUTH — The Duluth Homegrown Music Festival is seeking both new operational leadership and a solution to financial filing issues that caused the organization to lose its federal tax-exempt status, which it has not held since 2022.
The organization is currently operating as a taxable nonprofit, confirmed Don Ness, the former Duluth mayor who serves as president of Homegrown’s
board of directors.
Ness and the board are working to discern whether there might be any outstanding tax liabilities in the wake of an apparent filing lapse.
“It’s a serious matter that requires diligence to do things right, and to correct past oversight, and to make sure that we are in full compliance with all tax and regulatory requirements,” Ness said. “The board is 100% committed to that course of action.”
As the Duluth Monitor first reported, Homegrown had its federal tax-exempt status revoked in 2022 after failing to make required financial reports for three years. The Monitor also reported that Minnesota Attorney General Keith Ellison’s office has notified the organization it may be in violation of state law requiring the proper registration of soliciting charities.
Clint Austin / Duluth Media Group file photo
“All but one of us have been on for less than a year,” Ness said of the current board members. “We’ve been committed to saying, ‘hey, we need to improve the points of accountability.’”
The organization will also require new operational leadership. Co-directors Cory Jezierski and Dereck Murphy-Williams resigned earlier this month, after leading Homegrown through four successful festivals.
“My contract ended at the end of May, and I knew a few days later that I did not want to continue in that position,” Jezierski said. “Simply put, it was the best thing for my mental health. It’s a job that requires many, many hours and a lot of work, and it can be very stressful as well.”
Amy Arntson / Duluth Media Group file photo
Murphy-Williams did not respond to an interview request for this article, nor did preceding Homegrown director Melissa LaTour. According to LaTour’s
LinkedIn profile,
she was Homegrown director from 2016 to 2022.
Jason Beckman, a recent president who is no longer serving on the board, responded to a News Tribune email but did not provide an interview availability before this article went to press.
Ness does not believe the reporting lapses were due to any ill intent. He praised Jezierski and Murphy-Williams for their success managing festival operations. “They cared deeply about the festival,” he said. “It’s amazing to see that our community continues to support this really unique and special festival.”
“Those guys run a hell of a festival,” said Scott Lunt, festival founder and a current board member. “I think they needed help with bookkeeping.”
Clint Austin / Duluth Media Group file photo
By Jezierski’s account, issues with the festival’s tax status became apparent shortly after he became co-director. “We went to file taxes, they were rejected,” Jezierski said. “At that time we, of course, didn’t know why right away, but once we started pulling on that thread, we unraveled a whole lot of the problems that were going on.”
Jezierski said “it took a long time to try to get any sort of help” from the board, but said that by the time he and Murphy-Williams left the organization, “everything had been turned over to be reconciled” with a financial professional.
Ness, like Lunt, was deeply involved with Homegrown in its first decade but had not had an official role with the festival since then. After launching the festival in 1999 and running it on his own for several years, Lunt was “burnt out,” Ness remembered.
Derek Montgomery / Duluth Media Group file photo
After a transition period during which the festival was run in partnership with the Ripsaw newspaper, Homegrown established a nonprofit organization in 2006 with Ness as festival director. Ness subsequently stepped down when he was elected mayor in 2007.
By 2025, Ness was in his current position as executive director of the Ordean Foundation.
“I was approached by a couple of longtime music scenesters,” Ness recalled. “They said, ‘There are questions about (Homegrown’s) nonprofit status. There are questions about some governance issues. We’re concerned.’”
Ness agreed to join the board, and became president. The 2026 festival ran smoothly from an operational standpoint, but Ness found the financial reporting to be lacking.
Clint Austin / Duluth Media Group file photo
“The last board meeting that we had prior to the (co-directors’) resignations was intended to be an overview of the festival that was a month before,” Ness said. “I certainly felt very uncomfortable with how little financial information we were receiving.”
Lunt also joined the board in 2025, marking his first time serving in that capacity. He said the new board has been spending significant time addressing the accounting and reporting issues.
“Every year at Homegrown time I’m like, ‘I should get more involved,’ and then I don’t,” Lunt said. “Then this board thing came up, and it was kind of sold to me as, like, four meetings a year. I was like, ‘Oh, that’s perfect.’ And now we’re meeting weekly.”
Clint Austin / Duluth Media Group file photo
Although it’s unclear how the organization’s finances will look when the accounting and reporting issues have been fully addressed, along with any outstanding tax liabilities, both Ness and Lunt said they are confident the annual festival will continue without interruption.
“The organization will continue,” Ness said. “The festival will continue. Homegrown is in no danger in terms of its viability.” The financial documentation Ness initially received indicated budgeted revenues of about $140,000, against about $130,000 in expenses.
“Financially, I think we’re in a great spot. We have the money to hire the (financial) professionals, and we have (done so),” Lunt said. “We were hoping that we could get all this sorted out before it had to become more public.”
“We poured countless hours into this festival, and this is how it ends, with everyone talking about this,” Jezierski said. “It’s rough.”
“There’s a DIY ethos that is really at the core of Homegrown,” reflected Ness. “We’re throwing a music festival that isn’t waiting for some famous band from the East Coast to bless us with their presence. We are doing this on our own.”
Clint Austin / Duluth Media Group file photo
That DIY spirit also means “you’re kind of passing wisdom down from person to person, and sometimes that’s imperfect.” Ness continued. “The ways that we do things evolve over time, because it’s not a buttoned-down corporate sort of thing. That can create its own set of challenges.”
“It’s self-supporting,” said Lunt about the festival. “It’s widely volunteer-run. You do need to pay a couple people, obviously, to keep track of some things, but it’s going to be strong into the future. It’s gone through its bumps before.”
While most AI in financial services remains advisory, LUMIQ has built the layer that owns the decision — autonomous, auditable AI agents making regulated calls in production at leading banks, insurers, and capital markets firms. Today, LUMIQ serves clients across India, the United States, and Southeast Asia — leading institutions across insurance, banking, and capital markets.
NEW YORK and SINGAPORE, June 19, 2026 /PRNewswire/ — LUMIQ, an AI-native financial services company, today announced a strategic funding round to scale auto-decisioning for financial institutions across the United States and Southeast Asia. The round was led by Bajaj Finserv, one of India’s largest and most diversified financial services groups, with participation from existing investor Info Edge Ventures.
Right now, thousands of customers are waiting for a policy to be issued, a loan to be disbursed, a claim to be adjudicated, because somewhere an FSI employee is drowning in decisions, held back by the risk of getting it wrong. Today, when e-commerce delivers the same day, banks and insurers still decide in weeks. We built LiteCone to take that burden: AI decides the routine cases, completely and accountably, so humans spend their judgment on the one case that actually needs it. This round lets us bring that to every financial institution in the markets that matter most.
Shoaib Mohammad, Co-founder and CEO, LUMIQ
From AI that assists to AI that decides
For decades, financial institutions have bought technology that made their people faster — faster data, faster scoring, faster copilots. The decision still landed on a human. LUMIQ is changing that. Through its LiteCone platform, the company deploys AI agents that read the file, apply the institution’s own guidelines, and reach the decision end to end — escalating only the cases that genuinely require human judgment. The output is not a recommendation. It is a decision, with full reasoning attached, cross-referenced to policy, and defensible under audit.
The results in production speak clearly. At a leading life insurer, LUMIQ’s LEO agent decides 75–80% of underwriting cases with zero human touch, reduced policy issuance cost by roughly 25%, and compressed turnaround from days to under eight minutes — running 24×7 with complete auditability. Across its client base spanning insurance, banking, and capital markets in India, the US, and Southeast Asia, LUMIQ now processes millions of decisions annually.
LiteCone turns a real financial-services role into a working AI agent in weeks. Every agent we deploy is consistent, explainable, compliant, and auditable by design — not as an afterthought. This capital lets us go deeper on the platform and broader across roles. And through our cloud and AI lab partnerships, institutions will increasingly find LiteCone already embedded in the platforms they run today.
Vaibhav Dobriyal, Co-founder and Chief Product Officer, LUMIQ
Consumer confidence has plunged among traditionally optimistic younger adults amid fears for their personal finances and the wider economy, figures show.
GfK’s long-running Consumer Confidence Index remained unchanged at an overall score of minus 23 in June.
However, the analyst said this was was “misleading as, beneath the surface, there are new signs that confidence is weakening”.
Neil Bellamy, consumer insights director at GfK, said: “The biggest fall this month is among those aged 16 to 29, traditionally one of the most optimistic groups.
“Here confidence has dropped 11 points over the past month to minus two, the lowest level seen for two years, driven by large falls in views on both their own personal finances and the wider economy.
“More broadly, there are now no demographic groups with a positive confidence score, including higher-income households earning £50,000 or more, who have slipped back into negative territory as of June.
“Confidence remains subdued and vulnerable to further economic or political uncertainty.”
Overall, confidence in personal finances over the coming year remained flat at minus two, four points lower than this time last year.
The measures of both personal finances and the economy over the previous 12 months were both slightly down, by two points and three points respectively, “reflecting the sense that things have been extremely tough over the last year for so many”, GfK said.
The only measure to increase was expectations for the wider economy over the next 12 months, up two points to minus 36 but still eight points below this time last year.
The major purchase index, an indicator of confidence in buying big ticket items, remained at minus 20, four points lower than June last year.
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