Trump's Immigration Policy Is a Nightmare for Climate Tech
'They will shut down the import of talent, which is the key to growth,' he told the Zero podcast on stage at the Bloomberg Green summit in Seattle, Washington last week.
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Mosaic Insurance unveils new coverage for digital asset sector
Mosaic Insurance has introduced a new product suite targeting the digital asset market, combining cyber and financial institutions (FI) crime coverage to address the needs of this industry. The offering provides tailored protection for businesses navigating complex risks in a sector that has often faced limited insurance options, said Mosaic. Mosaic has partnered with Native, a specialist broker in digital assets, to support the launch. Through the Native Risk Collective, businesses that adopt approved vendors and services to enhance their risk profile can access improved coverage terms and more competitive premiums. The modular suite delivers stand-alone or integrated coverage for cyber, technology errors and omissions (E&O), and crime risks. It offers up to £/$/€10m in capacity for cyber and tech exposures and up to £/$/€5m for crime exposures, the insurer said. Mosaic cyber global head Brian Bonkoski said: 'Mosaic is bringing the first comprehensive Lloyd's A+-rated cyber, tech E&O and crime capacity to the digital asset space – it is a true differentiator, delivering a level of trust and financial strength that has been lacking in this space. 'With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai, and Singapore, we offer seamless coverage to clients, regardless of domicile or the jurisdictions they serve.' Underwritten through Mosaic's global agency network on behalf of its Lloyd's Syndicate 1609, the product is said to be supported by its A+-rated global carrier partners. Designed to serve a wide range of digital asset businesses, the solution caters to entities such as blockchain analytics companies, custodians, exchanges, exchange-traded funds structures, miners, real-world asset platforms, trading platforms and wallet providers. These companies have historically encountered challenges in securing comprehensive coverage due to perceived market volatility or regulatory uncertainties, stated Mosaic. The product mirrors the line sizes and policy structures available to Mosaic's non-digital asset clients, providing seamless cyber, tech and crime coverage through a single underwriting platform to eliminate common coverage gaps. Mosaic cyber underwriter vice-president Kieran Quigley said: 'Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity and brings a long-term view. 'We have listened to clients and brokers and built solutions that reflect the ambition and growing sophistication of this space. We are proud to support innovators driving the next wave of global economic change.' Cyber and financial institutions liability represent two of Mosaic's seven specialty business lines, alongside environmental liability, transactional liability, political risk, political violence and professional liability. "Mosaic Insurance unveils new coverage for digital asset sector" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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For Bond Dealers, It's Now All About Bills at Bessent's Treasury
(Bloomberg) -- Since Scott Bessent took the Treasury's helm in January, bond dealers have done a 180 on the key question about his issuance strategy in the $29 trillion market for US Treasuries. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy At the start, the focus was how quickly he might ramp up sales of longer-term securities. That's after Bessent and other Republicans accused former Treasury Secretary Janet Yellen for artificially holding down sales of that kind of debt, and said it was an attempt to keep borrowing costs low before the election. Bessent quickly adopted the Yellen debt-management plan, however, and has repeatedly made clear he isn't about to boost issuance of notes and bonds because their yields are too high. Now the debate is about the limits of Treasury's bias to sell bills, which mature in up to a year. Dealers will be looking for clues in the Treasury Department's next formal update of debt-sales plans, due Wednesday. 'The commentary we've heard recently suggested that there isn't necessarily an urgency right now to start increasing long-end issuance, and that they can meet near-term needs with increased bill issuance,' Phoebe White, head of US inflation strategy at JPMorgan Chase & Co., said in a phone interview. For now, there's 'a backdrop where we have seen a lot of demand for bills,' including from the growth of money market funds, she said. But there are downsides to the Treasury relying more on bills, including higher volatility in interest payments as it rolls over maturing ones. President Donald Trump and his team say borrowing needs will shrink as growth picks up thanks to tax cuts enacted this month, as well as moves to scrap regulations and revive manufacturing. Plus there's rising revenue from tariffs. All of that in theory argues against boosting sales of long-term securities and locking in relatively high interest costs. The Treasury's latest gauge of how much it expects to borrow is due Monday afternoon. It's expected to almost double its previous estimate — mainly to account for a surge of bill sales needed to replenish the department's cash stockpile after Congress raised the debt limit earlier this month. Debt managers had to run down their cash balance while operating under the ceiling. Dealers expect a figure of $1 trillion or more for the July-September quarter. For next week's so-called quarterly refunding auctions, which include 3-, 10- and 30-year maturities, Wall Street expects no change from the past several quarters. That would leave the sales totaling $125 billion, made up of the following: $58 billion of 3-year notes on Aug. 5 $42 billion of 10-year notes on Aug. 6 $25 billion of 30-year bonds on Aug. 7 Forecasters predict outsize fiscal deficits for years to come, which would steadily increase the Treasury's need to issue debt. To prevent an over-reliance on bills, that means increasing sales of notes and bonds at some point. Dealers will be closely watching in Wednesday's statement for any tweak to the guidance that officials have had since January last year, that they plan to keep the size of those sales unchanged 'for at least the next several quarters.' If officials see the potential need to boost note and bond auctions starting in February 2026, they might remove the 'at least' wording from their guidance, White and her JPMorgan colleagues wrote in a recent note. But some dealers are betting on a later date. Bank of America Corp. this month scrapped its prediction that February 2026 would see the start of bigger note and bond auctions, now expecting the Treasury to hold off until 2027. Citigroup Inc.'s forecast is May 2026, with risk of a delay until later next year. The refunding announcement also may feature guidance on how much Bessent is prepared to allow bills outstanding to grow as a share of total US debt. If the Treasury continued to refrain from increasing note and bond issuance, the bill share would climb to 27% by 2028 — exceeding its peak in 2020, when sales were ramped up to pay for Covid relief — and to 41% by 2033, according to Citigroup Inc. strategists Alejandra Vazquez Plata and Jason Williams. They don't expect things to go that far, predicting the Treasury will likely have a 'soft cap' of around 25%. The Treasury Borrowing Advisory Committee, a panel of dealers, investors and other market participants, recommends the ratio should average around 20% over time, with 15% as a 'lower bound.' One thing to keep an eye on Wednesday is any 'charge' from the Treasury to the TBAC asking the panel to offer thoughts on broader trends in demand for Treasuries. JPMorgan's White said she's on the lookout for 'anything that would indicate that they're willing to let the weighted average maturity of the debt move shorter.' Buyback Program Bessent has repeatedly pointed to stablecoins as a new source of demand for bills, as new legislation mandates them to hold T-bills or other safe assets in reserve. The Federal Reserve, which has debated whether to skew its purchases toward bills, may be another one. Dealers will also be on watch for any news on the Treasury's program of buying back outstanding securities. The department in April said it was looking at 'enhancements' to that initiative, launched last year. Bessent drew attention to the program after a surge in Treasury market volatility triggered by concerns over Trump's tariff hikes. Barclays Plc strategists predict the Treasury will announce an increase in buybacks on Wednesday. Currently, buybacks are conducted to improve liquidity and aid the Treasury in its cash management. But Bloomberg Intelligence strategists Ira Jersey and Will Hoffman see the potential for a broader objective. The duo point out that Bessent has targeted 10-year yields — a benchmark for borrowing rates such as mortgages — and could deploy buybacks as a way to pressure them lower by cutting the average maturity of US debt. 'If the Trump administration believes long-term rates will fall with reduced supply of longer-term debt, this would be one way of testing that hypothesis,' they wrote. --With assistance from Alex Newman and Alexandra Harris. 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US stock futures higher after Trump strikes trade deal with EU
U.S. stock futures are higher after President Donald Trump struck a trade deal with the European Union ahead of an Aug 1 deadline. The deal includes a 15% tariff on most European goods entering the U.S., similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but less than the 30% Trump threatened earlier in July. Pharmaceuticals, steel and aluminum aren't included in the tariff deal. Additionally, the EU will invest $600 billion in the U.S. and buy $750 billion worth of U.S. energy, Trump said. "More adverse scenarios seem to have been avoided, for now, and this is excellent news but whether everything will now be 'big and huge' still remains to be seen," said Carsten Brzeski, global head of macro for Dutch bank ING. At 6 a.m. ET, futures tied to the blue-chip Dow rose 0.17%, while broad S&P 500 futures added 0.26% and Nasdaq futures rose 0.45%. Separately, the U.S. and China are expected to extend their tariff truce by another three months, the South China Morning Post reported. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng plan to have talks in Stockholm. Busy week ahead With a trade deal with the U.S.' largest trading partner easing tariff fears, investors will turn to earnings and the Federal Reserve's policy meeting for more direction. More so-called Magnificient Seven influential megacap technolgy companies are due to report quarterly results. They include Facebook parent Meta, Microsoft. Amazon and Apple. With about 30% of S&P 500 companies having reported results, overall quarterly earnings are on track for a 7.7% increase from a year ago, according to LSEG IBES. That's higher than the July 1 forecast for a 5.8% increase. Meanwhile, virtually no one expects the Fed to lower rates this week but investors will look for clues on when it might. The Fed has said with the economy showing resiliency, it would wait to see how Trump's tariffs play out before moving rates. At the end of the week, after the Fed's meeting, investors will see more inflation data and the key monthly jobs report to see if the labor market continues to hold up despite the Trump's back-and-forth tariff barbs over the past few months. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: US stock futures higher after Trump EU trade deal Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
