NY Fed convened meeting with Wall Street firms over strains in US money markets.     -Financial Times, 11/14/25 Japanese bond yields hit fresh multiyear high.     -Wall Street Journal, 12/1/25 OpenAI needs to raise at least $207bn by 2030 so it can continue to lose money, HSBC estimates.     -Financial Times, 11/25/25 According to today’s WSJ, AI-related investment accounts for half of GDP growth. A reversal would risk recession. We can’t afford to go backwards.     -Trump AI and

US shale oil has been 90% of global oil production growth over the past decade.     -Enverus, via Bloomberg, 2023 Oil and gas groups spend $500bn a year ‘to stand still’ as fields decline, says IEA     -Financial Times, 9/16/25 Rapid declines from horizontal wells require more drilling to sustain production     -EIA report headline, 11/5/25 (via CG) Just two years ago, the International Energy Agency unequivocally said that fossil-fuel demand would peak before the end of this

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.