Hello, N2K’ers!

Vote for this week’s big winner in our News Haiku™ competition in the poll below. Some absolutely fantastic entries this week, thank you. I’m so excited to see which entry takes the prize!

Now, let’s talk about the news you Need2Know?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Trump’s pick to lead jobs bureau has some ideas

• Inflation data is up, so why are markets also up?

• Seriously, why would you put crypto in a 401(k)?

• We spoke with a guy whose IPO just blew up

• Perplexity makes $345b dollar bid for Chrome

What’s the stock market up to, eh?

$SPX ( ▲ 0.03% ) $DJI ( ▼ 0.02% ) $NDX ( ▼ 0.01% )

Companies mentioned in today’s newsletter

$BLSH ( ▲ 9.75% )  $GOOGL ( ▲ 0.49% )  

Trump’s pick to lead jobs bureau has some ideas

President Trump’s nomination of EJ Antoni to lead the Bureau of Labor Statistics (BLS) has sparked fierce debate, especially after Antoni proposed suspending the agency’s monthly jobs report. In an interview with Fox News, the conservative economist called the widely-referenced report "unreliable" and suggested focusing on less frequent, quarterly data instead.

“It’s a serious problem that needs to be fixed immediately,” Antoni argued, adding, “Until it is corrected, the BLS should suspend issuing the monthly job reports.”

Here’s EJ Antoni with the president in the Oval Office:

Trump nominated Antoni, an economist at the rightwing Heritage Foundation — the think-tank behind the Project 2025 blueprint for Trump’s second term — to the BLS job on Monday. Since then, even conservatives have been skeptical of the choice.

“The hope was that he would pick someone . . . who people would have trust in and could lead the BLS in an appropriate way, with relevant experience and, ideally, not hyper-partisan,” Stan Veuger, senior fellow at the right-leaning American Enterprise Institute think-tank told the Financial Times. “EJ Antoni is really the opposite of that.” “Even the people who may be somewhat sympathetic to his economic policy views don’t think he’s qualified,” added Veuger.

The jobs data issued by the BLS is critical for policymakers, investors, and citizens to understand trends in employment, inflation, and economic health. Critics worry that halting the reports would undermine the agency’s mission. Senator Patty Murray, a top Democrat, did not mince words when she called Antoni a "partisan hack" and claimed his appointment would “shred the integrity of our nation's best economic and jobs data.” She warned that under Antoni, BLS data could become “make-believe.”

The nomination follows Trump’s firing of former BLS commissioner Erika McEntarfer after the agency reported a slowdown in job growth. Trump accused McEntarfer of “rigging” the numbers — a claim dismissed by many economists.

Jessica Riedl, a senior fellow at the Manhattan Institute, criticized Antoni’s past economic commentaries as “probably the most error-filled of any think tank economist right now.” Another Republican-affiliated economist said a vote to confirm Antoni would be akin to "eviscerating the BLS and its jobs data."

Song of the day: Chris Staples, ‘Familiar Kind of Blue’

Chris Staples’ new album “Don’t Worry” is receiving positive reviews for its introspective Americana style, minimalist approach, and personal, poetic lyrics. Critics highlight the album's warmth, soothing sounds, and its ability to explore both triumphs and regrets with an uplifting perspective on acceptance. Here are the lyrics to the chorus of this single:

Maybe I'll keep this to myself this time
I got a twelve lane highway
Running through my mind
Maybe I keep it to myself this time
I gotta find a quiet corner
In my mind

Evocative, eh?

Inflation data is up, so why are markets also up?

Mark Hackett at Nationwide got out the tea leaves for us and tried to help us figure out what’s going on in the markets, with yesterday’s scorching hot producer-price index report showing inflation was up 0.9% in July. Not only was Thursday’s PPI number much higher than expected, but some details from Wednesday’s consumer-price index report suggested that tariff-related price pressures might finally be working their way through the economy. Still…

"The market is not overreacting,” Mark said. “We've had a very modest reaction, we're still up for the week."

The market’s resilience, he suggests, is telling of investor sentiment. Mark also highlighted how some "headwind sectors for tariffs actually have tailwinds elsewhere." He pointed to technology, industrials, materials, and energy benefiting from "macro trends beyond tariffs," such as "stimulated benefits from the payroll, the budget package that was just passed," "declining dollar," and a "shift to dovishness for the Fed."

For investors, Mark emphasized that "market timing is incredibly difficult. And acting emotionally is oftentimes very detracting from long-term performance." He commended retail investors for handling the period "quite adeptly," noting "aggressive buying of dips" and "continual every-two-week contribution through record 401k participation." His advice for the average retail investor: "be aware of what's happening but not emotionally reactive." He added, "the best investment philosophy really since the pandemic at this point, has been contrarianism."

#NotFinancialAdvice

Today on the ‘gram: Robot band!

Post of the day: Cold-cocked with cold cuts

Quote of the Day

Seriously, why would you put crypto in a 401(k)?

About 50% of N2K readers expressed interest in integrating crypto into their 401(k)s in a recent poll. The crypto landscape is evolving at a breakneck pace, with increasing regulatory clarity and a fascinating convergence between traditional finance and decentralized systems like crypto.

The recent executive order allowing crypto into 401(k)s marks a pivotal moment, said Sid Powell, CEO of Maple Finance. “It was not just about crypto. It also included access to private equity, venture capital that have... asset classes that have been denied to everyday Americans for some time." It means greater diversification and a potential for enhanced portfolio growth, traditionally reserved for institutional investors, he said.

Beyond 401(k)s, regulatory advancements like the Genius Act, which brought stablecoins into the mainstream, and the upcoming Clarity Act are fueling what Powell calls a "Cambrian explosion" of crypto innovation in the US. A Cambrian explosion was a geologically rapid diversification of animal life that occurred approximately 538.8 million years ago, so we’re probably overdue.

The new legislative environment provides clear "rules of the road" for crypto companies, fostering transparency and trust, he said. Sid thinks the future of finance is on the blockchain, and integrating crypto into your 401(k) could become a powerful strategy for long-term wealth creation.

Note he said it could.

Should you check your 401(k) today?

👎️ 

No.

We spoke with a guy whose IPO just blew up

On a historic day for the crypto world, Bullish $BLSH ( ▲ 9.75% ) (they might regret that stock ticker?) didn't just go public at the New York Stock Exchange — it roared onto the scene, with its stock soaring an impressive 160% on its debut. Bullish President Chris Tyrer offered to talk with us instead of getting straight on a private jet to Moncao, which was nice of him.

The company aims to reshape institutional crypto markets. Chris said Bullish's origins trace back to 2019-2020, born from a clear recognition of a "gap in the market" for institutional crypto engagement. He cited pivotal moments, such as billionaire hedge fund manager Paul Tudor Jones's famous investor letter calling Bitcoin "the fastest horse in the race against inflation," and hedge fund investor Stan Druckenmiller’s disclosure of his personal Bitcoin ownership. These moments underscored the undeniable surge in institutional interest.

However, Chris observed how the existing infrastructure was "very retail focused, a lot of it offshore, unregulated." This realization propelled Bullish to construct a "regulated, onshore, compliant venue with strong risk controls." The IPO, he stated, is a "real validation" of this foundational thesis.

Bullish has meticulously carved out a unique, institutionally-focused niche, serving high-volume players, prop shops, quant funds, and ETF-authorized participants. Looking ahead, Chris foresees future engagement in the retail brokerage space through intermediaries.

Perplexity makes $345b dollar bid for Chrome

AI startup Perplexity AI has made headlines with its audacious $345 billion all-cash offer to acquire Google’s Chrome browser, a move that could shift the landscape of AI-powered search.

Though Perplexity, led by Aravind Srinivas, is valued at a modest $14 billion compared to the offer, the bid underscores the company’s ambition to leverage Chrome's massive user base — more than three billion — to dominate the evolving AI sector.

The timing of Perplexity's bid is strategic. Regulatory scrutiny against Google’s monopoly on online search has heightened the stakes. Perplexity’s term sheet promises investments of $3 billion over two years, open-source code, and no changes to Chrome’s default search engine. This aims to ensure user choice and stability amidst competition concerns.

Google $GOOGL ( ▲ 0.49% ) , however, has not offered Chrome for sale, and analysts predict a protracted legal fight to prevent divestiture. Chrome is integral to Google’s AI strategy, fueling its search engine enhancements like AI-generated search summaries.

Should this bid succeed — which remains unlikely — it would establish Perplexity as a key player in the AI browser race.

Poll of the Day: Pick the winning haiku!

This week’s News Haiku™ competition is based on the story about the Airforce buying Tesla Cybertrucks so that it can blow them up in simulated combat. Your entries came flying in with all the ferocity of a missile destroying a Deplorean.

Poll of the Day: You’re rethinking alcohol

We asked: Are you "rethinking alcohol"?

🟨🟨🟨🟨⬜️⬜️ Only in the sense that I'm thinking about having another drink. (267)

 🟩🟩🟩🟩🟩🟩 Yes. I'm rethinking alcohol — and cutting back on my consumption. (323 votges)

🟨🟨🟨⬜️⬜️⬜️ Yes. I rethought it a while ago and am now sober. (169)

759 Votes

via @beehiiv polls