This week’s labor data paints a complex picture of the US economy. On the surface, the job market appears healthy. Unemployment remains low, and initial jobless claims are stable.

NCB Financial Group (NCBFG), once regarded as a pillar of regional financial strength and innovation, is now facing an intensifying crisis of investor confidence. Central to the unfolding uncertainty is its proposed US$300M bond, a highly anticipated transaction announced, intended to refinance maturing obligations and bolster the group’s balance sheet.

In its latest US dollar analysis, the Bank for International Settlements (BIS) highlighted something unusual. The dollar was weakening sharply, but not during US trading hours. The heaviest selling came during the Asian session, right as Treasuries were rallying.

At the same time, liquidity in the domestic bond market remains thin, with limited secondary trading, high barriers to retail participation, and legacy settlement systems that add friction and cost. Against this backdrop, a new technological lever is gaining traction globally, tokenization.

Despite rising concern about a new wave of tariff driven inflation, the latest numbers suggest the US economy is absorbing the impact of trade policy changes far better than expected. In 2025, the US government had sharply increased tariffs on a wide range of imports, generating record breaking revenue.

As the second half of 2025 kicks off, markets are adjusting to a landscape where macro calm on the surface may be masking powerful undercurrents below.