The 10-Year Treasury Yield Rises to a Three-Month High, Analysts Say Gain Limited Post-Fed Meeting

On December 10, U.S. Federal Judge Victor Bolden issued a temporary restraining order blocking Connecticut from enforcing gambling laws against prediction market platform Kalshi—pending the court’s ruling on the company’s preliminary injunction request. The order follows Connecticut’s Department of Consumer Protection (DCP) issuing an injunction last week against Kalshi, Robinhood, and Crypto.com, accusing the platforms of offering “unlicensed online sports betting” services. Kalshi contends it falls under federal exclusive jurisdiction (as a CFTC-designated contract market) and is not bound by state gambling rules. The firm faces nationwide regulatory scrutiny: it previously secured a similar injunction in New Jersey but recently lost a preliminary injunction to fend off Nevada enforcement actions. The court has set oral arguments for February 12, 2026, and ordered Connecticut officials to pause all enforcement actions in the meantime.

**Pineapple Financial Launches Collateralized Loan Tokenization Platform on Injective** On December 10, Canadian fintech firm Pineapple Financial announced the launch of a collateralized loan tokenization platform on the Injective blockchain. The company plans to migrate its entire loan portfolio—over 29,000 collateralized loans valued at approximately $10 billion—to the blockchain. To date, Pineapple has successfully tokenized more than 1,200 loan files worth roughly $4.12 billion. Each tokenized record includes over 500 data points, aimed at enhancing transparency and operational efficiency.

On December 10, Pundi AI announced a strategic partnership with daGama—a Real World Location (RWL) platform that links travel, food, and local exploration to Web3. The platform lets users share authentic experiences via trusted recommendations, wallet-based check-ins, and incentive-driven social interactions. To date, daGama has linked more than 360,000 wallets and is seeing rapid mobile user growth, positioning it as one of the most active consumer-facing apps that tie real-world behavior to blockchain. This partnership paves a new path for decentralized AI. By integrating daGama’s trusted location data with Pundi AI’s verifiable data infrastructure, real-world experiences—like reviews, check-ins, and exploration trends—will turn into AI data signals with on-chain provenance. Users who contribute data will truly own the impact of their data, turning “exploration” into a new economic opportunity. Going forward, Pundi AI and daGama will explore additional joint offerings that l

As of December 10, Coinglass data indicates that total net outflows of ETH from centralized exchanges (CEXs) hit 56,600 ETH over the past 24 hours. Top three exchanges by ETH outflow: - Coinbase Pro: 36,000 ETH - Binance: 35,500 ETH - Bitfinex: 29,600 ETH Meanwhile, OKX led ETH inflows among exchanges with 78,700 ETH.

**December 10: Fed to Release Year’s Final Rate Decision at 3 a.m. Beijing Time** The U.S. Federal Reserve will announce its final interest rate decision of the year tonight at 3 a.m. Beijing time, facing a tough call amid a data "air pocket" and internal divisions. A widely expected rate cut is likely to be paired with vague guidance on next year’s rate path—leaning toward a hawkish tone. Beyond this week’s expected cut, investors now project two more 25-basis-point reductions by end-2026, leaving the benchmark rate in the 3.00%-3.25% range. JPMorgan’s Chief U.S. Economist Michael Feroli noted that hawkish signals from regional Fed presidents could keep the 2026 rate outlook aligned with September’s projections—even as expectations for this week’s cut are already muted and the bar for further cuts is high. Feroli added that the Fed’s new rate forecasts will "reflect unease about rate cuts," while the policy statement may tweak wording to "imply a lower likelihood of rate cuts

On December 10, Morgan Stanley Investment Management said in its outlook report that the current yield on the 10-year U.S. Treasury bond—approaching 4%—may be too low relative to the U.S. economic outlook. The firm expects increasingly strong tailwinds for U.S. economic growth in 2026. “Stronger growth paired with stubborn inflation will likely result in the Federal Reserve cutting interest rates less than markets currently price in over the next 12 to 18 months,” the firm noted. Against this backdrop, Morgan Stanley Investment Management has taken an underweight stance on U.S. bonds. (Golden Finance)