#美联储回购协议计划 $BTC $ETH $FIL

🔥Is the Federal Reserve being forced to change its tone? The covert battles within the financial system

On the surface, the Fed appears to control everything, but what’s really going on? On December 1st, it was still shrinking its balance sheet, and just 11 days later, it was expanding the balance sheet and flooding the market with money. There’s a story behind this kind of "schizophrenia."

What did JPMorgan Chase do? It cut its reserve holdings from $409 billion to $63 billion overnight and then aggressively bought high-yield U.S. bonds. The result? Market liquidity is under severe stress, and reserves are approaching the dangerous threshold of $3 trillion. This script played out before in 2019.

The question is: if the central bank doesn’t intervene, there’s a risk of clearing system paralysis; if it steps in to stabilize the market, it’s essentially surrendering control to the largest banking group. Back then, Powell ultimately reactivated the "repo QE," and now it’s happening again—just because a major player is rebalancing its portfolio.

What’s more ironic is that the Fed annually transfers $15 billion in interest payments to JPMorgan Chase out of thin air, which accounts for a quarter of its annual profits. Some criticize this as essentially using taxpayers’ money to fatten Wall Street. If a single bank can actually influence the central bank’s decisions, then who is the real "boss" pulling the strings?

This game has only just begun.