Global dealmaking fell to $986 billion in the third quarter, down from nearly $1.7 trillion in the previous quarter and 13% from a year earlier, according to LSEG. Higher interest rates, uncertainty around AI and geopolitical risks have made companies more cautious, while the number of deals exceeding $10 billion dropped sharply. Still, advisers say companies remain interested in pursuing transactions.

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Treasury yields above 5% have raised concerns that higher borrowing costs could worsen the US debt burden. "A fiscal apocalypse is not upon us just yet," TD Securities strategists Gennadiy Goldberg and Molly Brooks said. Analysts say resilient economic growth, Fed rate expectations, higher oil prices and fiscal concerns are among the factors pushing yields higher.

Executives from Fidelity, Robinhood, Alpaca and Cahill said tokenized markets will need deeper liquidity, stronger infrastructure and greater interoperability with traditional markets before broader institutional adoption can take hold. Speaking at SIFMA's Digital Assets Conference, panelists highlighted price discovery, hedging, custody and connectivity between tokenized and traditional securities as key requirements, while also pointing to growing demand for 24/7 trading and expanded access to U.S. assets. Fidelity's Cynthia Lo Bessette said the market has not yet reached a "minimum viable ecosystem."

Federal Reserve Vice Chair Philip Jefferson and New York Fed President John Williams have indicated that the central bank can take time to evaluate the economy before considering another interest-rate hike, leading investors to scale back expectations for an increase at this month's meeting. The remarks come as Fed Chair Kevin Warsh moves away from forward guidance, encouraging investors to rely on economic data instead.

Treasury Secretary Scott Bessent said the recent rise in US Treasury yields is consistent with global trends and does not reflect investors shifting from Treasuries into German or Japanese bonds. Bessent also pointed to consumer spending and wage growth as signs of underlying US economic strength and said he expects energy pressures stemming from the Iran conflict to fade.