Live Above The Madness
Gay Gaming Professionals, a nonprofit that cultivates emerging top performers in the video games industry, has created the Collegiate Games Competition to surface new gaming talent. In partnership with Raw Thrills, the arcade entertainment company, this competition will offer $90,000 in prizes, celebrate video games, and encourage the bright creatiā¦Read More
Yields on U.S. government debt were mixed Monday morning after February retail sales came in below expectations and raised continued questions about the strength of the economy.
Pepsi boosts healthy offerings with Poppi, a maker of prebiotic drinks
No one dared to speak about the potential for stagflation, the dreaded word representing portmanteau of stagnation and inflation, at the World Economic Forum in Davos early this year despite the looming Trump tariff and trade war.
However, investors have acknowledged the s-word risk, leading to the outperformance of stagflation-linked strategies relative to the buy-and-hold bitcoin and the S&P 500.
As of last week, Goldman Sachs’ “stagflation basket,” which bets on strength in commodities and defensive plays like health care and shorts on the consumer discretionary, semiconductors and unprofitable tech stocks, was up nearly 20% for the year..
The S&P 500, Wall Street’s benchmark equity index, has dropped 4% this year, with bitcoin, the leading cryptocurrency by market value, down 10%, per data source TradingView and CoinDesk.
The International Monetary Fund defines stagflation as a situation where high inflation coincides with economic stagnation, high unemployment and a general decline in economic activity.
“It does seem like stock and bond prices are adjusting for lower growth and higher inflation [stagflation] – although, there are other factors at work here – healthcare, for instance, is most likely benefitting from the promise of deregulation offsetting direct funding cuts,” Noelle Acheson, author of the Crypto Is Macro Now newsletter, told CoinDesk.
Stagflation murmurs have been heard since early 2022, but markets have begun pricing the same this year, mainly due to Trump’s tariffs and the escalating trade tensions.
Forward-looking inflation metrics like two-year and five-year swaps rose to multi-year highs, a sign of fears of a trade war making consumption pricier. Meanwhile, a key section of the Treasury market yield curve recently flipped into inversion, signaling a recession ahead. Several real-time GDP trackers, like the Atlanta Fed’s GDP, have signaled a sharp contraction in economic activity.
A potential stagflation is perfect situation for assets with perceived store of value appeals such as bitcoin to shine. Note that gold has gained 13% this year.
However, the bull case in the cryptocurrency propounded by its holders for years hasn’t materialized. In fact, BTC’s correlation with U.S. stocks has strengthened over the past few weeks.
That does not necessarily mean BTC is no longer a safe haven, according to Noelle Acheson, author of the popular Crypto Is Macro Now newsletter.
“BTC is short-term a risk asset with prices set by the last short-term trade – long-term, it’s a safe haven given its verifiable hard cap and global utility – these days, the market is in a risk-off mood, so macro portfolios are lightening positions, and we have yet to see the new inflows necessary to get the next leg of its run going – this could take some time, as uncertainty is high for both professional investors and retail,” Acheson noted.
She explained that tailwinds remain intact and once the market adjusts to the new economic landscape, inflows into the crypto market will likely resume.
“The tailwinds remain intact, with education spreading, new institutional services coming online and jurisdictions around the world drawing up regulatory frameworks that institutions will be comfortable with (and through them, mainstream retail),” Acheson said.
Markus Thielen, founder of 10x Research, offered a slightly different take, saying the market is wrong in reading the situation as stagflation.
“What weāre likely seeing is a front-loading of tariff impacts, driving a temporary spike in commodity demand that should fade in the coming months. Additionally, uncertainty surrounding DOGE is weighing on growth expectations,” Thielen told CoinDesk.
He added that a potential dovish tone from the Fed later this week could revive a bullish mood in risk assets, including BTC. Last week, Trump halted a plan to double U.S. tariffs on Canadian steel and metal imports to 50%. The Fed is set to announce its rate review on Wednesday.
“Recent comments from Trump suggesting a potential softening of aggressive trade policies combined with a possible mildly dovish tone from the Fed this week could set the stage for a rebound in growth-oriented assets. Historically, betting on prolonged stagflation has rarely been a winning strategy over the past 40 years,” Thielen noted.
Ether’s (ETH) structural decline is expected to continue, investment bank Standard Chartered (STAN) said in a research report Monday slashing its 2025 year-end price target for the world’s second largest cryptocurrency.
Standard Chartered said it now sees ether at $4,000 at the end of the year, down from $10,000 previously. Ether was trading around $1,903 at publication time.
“Ether is at a crossroads,” the report said, and while it “still dominates on several metrics,” this dominance has been falling for some time.
Layer 2 blockchains were meant to improve scalability on the Ethereum blockchain, but Standard Chartered estimates that Coinbase’s (COIN) Base has reduced ether’s market cap by $50 billion, and said it expects this trend to continue.
Market forces could eventually stop this structural decline, “especially if tokenized real-world assets were to grow significantly,” as “ETH’s security dominance means it should maintain its 80% share of this market,” wrote Geoff Kendrick, head of digital assets research at Standard Chartered.
Still, “Only a proactive change of commercial direction from the Ethereum Foundation ā such as taxing layer 2s ā could achieve that now,” which the bank said was unlikely.
Standard Chartered said its expects the ETH/BTC ratio to decline to 0.015 by year-end 2027, the lowest level since 2017.
The bank still sees a recovery in the ether price from the current level around $1,900, as a rally in bitcoin (BTC) is expected to lift all digital assets, but the cryptocurrency’s underperformance will continue.
Read more: Ether Has Underperformed, but Total Value Locked on Ethereum Is Rising: Citi
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2627.46, down 1.3% (-35.83) since 4 p.m. ET on Friday.
Eight of 20 assets are trading higher.
Leaders: DOT (+4.4%) and APT (+3.1%).
Laggards: SOL (-3.9%) and SUI (-3.2%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Investors are fleeing digital assets as risky investments lose their popularity amid growing geopolitical and economic uncertainty.
Globally, digital asset funds lost $1.7 billion last week alone, according to a report from CoinShares, taking the total outflow over five weeks $6.4 billion. In the U.S., bitcoin (BTC) exchange-traded funds (ETFs) logged the longest streak of weekly outflows since their January 2024 debut, with investors pulling more than $5.4 billion over the past five weeks.
While President Donald Trump has shown support for cryptocurrencies, including with the order for the establishment of a Bitcoin Strategic Reserve, that support has so far failed to counteract concerns about tariff-induced trade tensions and monetary policy.
Bitcoin has dropped more than 21% over the last three months to around $83,000, while the broader CoinDesk 20 Index (CD20) has lost around 34.6% of its value over the same period.
Fact checked by Suzanne Kvilhaug
shapecharge / Getty Images
Before 401(k) plans, there were 501(c)18 plans offered by employers to employees in select industries. These plans, which started in the 1950s, are still around today.
“A 501(c) plan is a lesser-known, specialized retirement savings account primarily used by employees in certain unionized industries. It predates modern retirement plans like 401(k)s and is structured as a tax-exempt trust,” says Daniel Milks, a certified financial planner and founder of Fiduciary Organization.
A 501(c)18 plan is a type of trust that forms part of an employee pension benefit plan. To qualify for tax-exempt status, a 501(c)18 plan must:
There are no upfront tax savings with contributions to a 501(c)18 plan.
“(Contributions) are typically made by employees on an after-tax basis, meaning thereās no immediate tax deduction for contributions,” Milks says.
Because contributions are made after taxes, 501(c)18 contributions won’t impact contribution limits on other retirement plans.
“Unlike traditional retirement accounts, a 501(c)(18) plan is rarely an employeeās primary savings vehicle. Since contributions are made after-tax, they donāt affect 401(k) or IRA contribution limits, allowing savers to diversify their tax treatment across different accounts,” Milks says.
One tax advantage of a 501(c)18 plan is money in the plan grows tax-deferred.
“While contributions are not tax-deductible, the growth within the plan remains tax-deferred, and distributions in retirement are typically taxed as ordinary income,” Milks says.
A 501(c)18 plan is a specialized retirement plan only found in select fields and trades. According to the Internal Revenue Service, 501(c)18 plans were created before June 25, 1959. Because these trusts were formed so long ago, a newer organization isn’t likely to apply or get this status.
“Most workers today wonāt encounter a 501(c)(18) plan unless theyāre in a niche field where these plans were historically used, such as certain unionized trades,” Milks says.
A 501(c)18 plan cannot be rolled over into an individual retirement account or 401(k) plan.
“These plans are structured differently from traditional retirement accounts and are funded with after-tax contributions, meaning they donāt have the same rollover provisions as tax-deferred accounts,” Milks says.
Withdrawals from a 501(c)18 plan are meant for retirement and may be made without penalty when the participant reaches age 59Ā½.
“Withdrawals typically follow similar rules to other retirement accounts, meaning funds are intended for retirement use,” Milks says. “While specific rules may depend on the plan structure, early withdrawals (before age 59Ā½) could be subject to income tax and potential penalties unless an exception applies. Since contributions are made with after-tax dollars, only the investment growth portion may be taxable upon withdrawal.”
“Some union contracts include negotiated terms for 501(c)18 plans such as mandatory contributions or employer-matching provisions, and there may be specific vesting schedules or restrictions when funds can be accessed,” Milks says.
Begun in the 1950s, 501(c)18 plans continue to serve as tax-exempt retirement trusts for employees in specialized trades. Contributions to 501(c)18 plans are made with after-tax dollars, and the money an employee puts into the plan grows tax-deferred. Plan distributions made by employees in retirement are taxed as ordinary income. Union contracts may set terms for 501(c)18 plans, including employer-matching contributions, mandatory contributions, and vesting schedules.
Maskot / Getty Images
Finding affordable housing is always a challenge, but itās especially difficult for low-income people with a disability. Homelessness can be a real risk when appropriate, affordable housing is difficult to access.
The U.S.Ā Department of Housing and Urban Development (HUD) and the U.S.Ā Department of Health and Human Services (HHS) fund housing programs for families and individuals who find themselves in this position. State, county, and local programs exist as well.
HUD and HHS fund state, county, and local municipalities that administer the various programs. Applicants access the benefits by applying through their local public housing authority (PHA).
Nationally, the HUD housing voucher programs are the most important source of assistance for low-income families with a family member with a disability. The grants are administered through state and local PHAs and have the same eligibility criteria regarding income level and amount of financial help provided.
The demand for vouchers and other types of housing support far outstrips the funding available. The process can take years.
All HUD voucher programs are aimed mainly at households with extremely low incomes, meaning incomes that do not exceed the poverty line or 30% of the local median, whichever is greater.
A family with a voucher generally must pay 30% of its income for rent and utilities; the voucher covers the balance, up to a certain amount, with the percentages and limits varying according to local market housing costs. Housing agencies may establish a higher payment standard as a reasonable accommodation for a person with a disability.
In practice, income and eligibility requirements can be adjusted by the local PHA to meet local conditions. The PHAs administering the voucher program will give priority to the families most in needāfor instance, homeless families, families living in substandard housing, or families whose income is so low that theyāre paying more than 50% of their income on rent.
The housing choice voucher (HCV) programĀ is the main housing subsidy program. This program alone helps more than 5 million individuals and more than 2.3 million households nationally. Its goal is to assist āvery low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market.āĀ
There is no requirement that there be a disabled person in the household to qualify for an HCV, but having a person with a disability is considered when reviewing their application.Ā
Mainstream vouchersĀ are specifically designed to help families who have a disabled person, ages 18 to 61, in the household. With the exception of serving applicants under age 62āmainstream vouchers follow the same criteria as other housing choice vouchers.
Non-elderly disabled (NED) vouchersĀ are very similar to the mainstream vouchers, the chief difference being the target population: familiesĀ where the head, co-head, or spouseĀ in the family is disabled. Like the other vouchers, applications go through the local PHA.
The Housing Opportunities for Persons With AIDS (HOPWA) programĀ is a federal program to assist low-income people living with HIV/AIDS and their families. Granters partner with nonprofit organizations and housing agencies to provide housing and support to these beneficiaries.
HUD VA Supportive Housing (VASH) vouchersĀ are dedicated to U.S. military veterans and their families who are experiencing homelessness or are at risk of losing their homes. The VASH programĀ combines HUDās HCV rental assistance for homeless veterans with services provided by theĀ Department of Veterans Affairs (VA).Ā As of 2023, this program had dispensed more than 112,000 vouchers to eligible veterans.
HUD provides rental assistance vouchers through state PHAs for privately owned housing.Ā Information is available through your stateās PHA.
Housing discrimination is illegal.Ā If you think youāve been discriminated againstĀ based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps that you can take. One such step is to file a report with theĀ Consumer Financial Protection Bureau (CFPB) or with HUD.
HUD vouchers take two main forms:
These vouchers āfollow the person,ā meaning that the family who receives the voucher can remain in the housing that they already occupy, provided that the building meets the required housing quality standards established by HUD.
Once the resident receives the voucher, they inform the building owner or manager to request that the voucher be used to pay for a portion of the rent. If the building hasnāt been certified, a HUD housing inspector will inspect it. If the resident wants to move to a different location, even another state, their voucher ātravelsā with them.
These vouchers are attached to specific units in a specific building or project, whose landlord contracts with the state or local PHA to rent to families and individuals with low incomes and disabilities.
For elderly or disabled tenants, PBVs have the advantage of offering more services closer to hand because a higher percentage of residents in the project have similar needs, which enables service providers to work more efficiently.
For all HUD voucher programs, people seeking assistance should contact theĀ PHAĀ in their areaĀ that administers a voucher program and has an open waiting list. Once the voucher is granted, the tenant receives a list of PHA-approved units to choose from or can apply to remain in their current unit.
Some properties rely on referrals from state agencies for applicantsāi.e., the disabled applicantās caseworker. These properties are privately owned and managed, and are generally developed to serve the following populations:Ā people who are chronically mentally ill, people who are developmentally disabled, or people who are physically disabled and would benefit from the features of the unit.
If youāre just starting out, it can be time-consuming and confusing to track down the correct information for your situation. HUD-approved housing counseling agencies offer guidance.
The Administration for Community Living (ACL), an agency within HHS,Ā directsĀ funds to several housing programs for the disabled. One of the ACLās main goals is to move disabled individuals out of large institutional settings and into smaller group residences. The ACLāsĀ Centers for Independent LivingĀ provideĀ links to programs and agencies state by state.
The ACL also supports theĀ Aging and Disability Networksālocal, state, and national organizations that support older adults and people with disabilities in their desire to live independently in the community. The focus of an agency can be a specific condition or disability, age group, or service. Some organizations have a wider lens for delivering services.
The Arc is a national organization that helps individuals with intellectual and developmental disabilities and their families live productive lives integrated into their communities. The Arcās state offices can assist people seeking resources and programs in their area.
No Wrong DoorĀ (NWD) is a collaboration among the ACL,Ā the U.S. Centers for Medicare and Medicaid Services, and the Veterans Health Administration of the U.S. Department of Veterans Affairs (VA). NWD supportsĀ state services for older adults, people with disabilities, and their families.
Eldercare Locator is aimed at an older population, but this onlineĀ network can help connect people to state and local services who are knowledgeable about low-cost housing options in their area.
How Do I Apply for a U.S. Department of Housing and Urban Development (HUD) Voucher Program?
A good place to start is to contact the public housing authority (PHA) in your area that administers a voucher program and allows applicants onto the waiting list.
How Do I Find Low-Cost Housing Resources Near Me?
The HUD website lists counseling agencies by state, or you can call (800) 569-4287. Look for an agency that lists āRental Housing Services.ā
Can Military Service Veterans Get Assisted Housing?
Veterans Affairs Supportive Housing (VASH) combines HUDās rental assistance for homeless veterans with services provided by theĀ U.S. Department of Veterans Affairs (VA).Ā Contact a VA medical center near youĀ and mention your interest in HUD-VASH, or find instructions for contacting theĀ National Homeless Veteran Call Center here.
Low-income people with a disability will likely find it especially challenging to obtain affordable and accessible housing. Two federal agencies, HUD and HHS, have partnered to create a more coordinated approach to services. These programs are different from low-income loan programs offered by some lenders.
States and communities have siloed housing and service systems, according to a release about the partnership. A stronger collaboration among systems would enable older adults and people with disabilities, among other populations, to better access supportive services for housing stability.
Francois Villeroy de Galhau, a member of the European Central Bank (ECB) Governing Council and governor of the Bank of France, has said embrace of cryptocurrency in the U.S. risks triggering the next financial emergency.
The U.S. “risks sinning through negligence,” Villeroy said in an interview with French newspaper La Tribune Dimanche.
“By encouraging crypto-assets and non-bank finance, the American administration is sowing the seeds of future upheavals,ā he said, adding that oversight of the crypto industry is more secure in Europe.
Donald Trump courted the cryptocurrency industry as part of his campaign to the return to the White House last year and as President has signed an executive order for the creation of a Strategic Bitcoin Reserve and a separate trove for other digital assets.
Villeroy added that Europe needs to attract more international investors to the euro, in order to help the currency take on a more important role internationally in the face of President Trump’s tariff policies.