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

Today’s Monthly Treasury Statement reflects what I’ve been saying: Strong private sector led growth alongside constrained federal spending means the deficit to GDP will take care of itself. FY 2025’s deficit to GDP is now projected to be under 6%. And with continued fiscal restraint, we can reach 3% by 2028. September’s monthly surplus of $198 billion was the largest surplus of any September on record and 147% higher than last year.     -Treasury Secretary Scott