The latest business & money articles from TheMurrow. In-depth analysis and reporting on the topics that matter.
Stablecoin “yield” is a battle over reserve income from Treasuries—and whether deposit-like digital dollars can compete with bank funding without bank rules. Congress can ban issuer interest, but intermediaries may still route the economics to users as “rewards.”
NYC didn’t outlaw mandatory fees; it rewired how hotel prices must be displayed. The headline number now has to include the add-ons—changing incentives for hotels, OTAs, and payment flows.
Maryland’s final bill isn’t a blanket stop to price “flicker.” It narrows to one practice: using personal data to raise prices on specific shoppers—often invisibly.
That headline APY can sit on top of multiple legal structures—bank deposits, money market funds, or a broker’s IOU. The first $10,000 is where “cash” can quietly change categories without the rate changing.
BNPL didn’t suddenly get mean—credit reporting got more complete. As Pay-in-4 becomes bureau-visible and new models learn to score it, tiny purchases can trigger real-world denials.
The GENIUS Act brings stablecoins “inside the tent,” but it doesn’t turn them into insured deposits. Banks fear a slow, app-driven migration of everyday balances—especially if “no-yield” rules can be economically mimicked.
January’s “956 Chapter 11s” sounds like 956 companies collapsing—but it’s often a surge in petitions, not distinct businesses. The real signal is where pressure is rising beyond the headline count: consumers and small firms.
Private credit’s smooth returns are tempting—but in a daily-valued 401(k), the most important number can become a judgment call. Washington is opening the door; pricing reality is the threshold.
Once software can initiate transactions, the risk stops being “bad advice” and becomes unauthorized execution. Auditors don’t want vibes—they want authority, logs, ownership, and testable controls.
Private credit avoids daily withdrawals—but not mass exit attempts. In March 2026, capped quarterly windows turned investor panic into proration and a growing redemption queue.
BUIDL’s pitch isn’t Bitcoin upside—it’s faster settlement and collateral mobility. The risk isn’t Treasuries; it’s whether on-chain transfers and legal ownership line up when margin calls hit.
Brussels calls it “simplification,” but the real shift is narrower scope and looser verification. That combination gives remaining in-scope firms more discretion to prove what they claim—while many others can step out of mandatory reporting altogether.
That viral “12% delinquent” stat isn’t about office loans broadly—or banks specifically. It’s office loans inside CMBS, where maturity defaults, extensions, and accounting labels can change what you see before risk actually disappears.
As private assets move into retail-friendly wrappers, the number you see as “price” is often a fair-value judgement. That semantic swap can mask volatility, distort liquidity expectations, and shock returns when redemptions hit reality.
NYDFS is moving BNPL from “checkout feature” to supervised consumer credit—while targeting the quiet cost most users miss: the behavioral data pipeline behind “0%.”
Mortgage rates grab headlines, but capital rules decide what mortgages cost banks to hold. With a re-proposal looming and a long phase-in, 2026 could be the year the new incentives start showing up in pricing, underwriting, and who gets approved.
In 2026, “four-day week” doesn’t mean one thing—companies are running three different versions, and only one truly reduces work. Whether Fridays survive comes down to productivity stability and a CFO-ready scorecard.
Direct File briefly made federal tax filing feel like a basic public service—no upsells, no traps, no partner funnels. With it suspended, the “free” on-ramp shifts back to private software—and the fees and friction come with it.
Private credit’s “low volatility” often comes from how loans are valued—not from lower underlying risk. The losses may simply show up later, all at once.
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