Hope you are well. Attached above is this week’s edition of FFTT. This week’s report is a 33-slide Power Point presentation that can be read in 16-18 minutes. The title and theme of this deck: Take the “over” on how long it will take to reshore the US industrial base, and on how inflationary it will be.
Demand for repo financing continues to grow rapidly from the increasing fiscal deficit, while the supply of repo financing can only keep up with the help of the Fed. Stable repo rates would ultimately require persistent Fed balance sheet expansion and effectively cede control of its balance sheet size to the fiscal authorities… The end of QT is coming soon, and further growth in the Fed’s balance sheet will necessarily follow shortly. -Former NY Fed
JPMorgan Chase & Co. plans to allow institutional clients to use their holdings of Bitcoin and Ether as collateral for loans by the end of the year. -Bloomberg, 10/24/25 2017, Bitcoin at $5K, JP Morgan CEO Jamie Dimon: “Governments are going to crush it someday.” 2025, Bitcoin at $110K, JP Morgan CEO Jamie Dimon: “We will accept Bitcoin as collateral.” -Co-founder of BTC Opportunity Fund James Lavish, via X, 10/24/25 It’s as if the most