JP MORGAN CHASE(US:JPM) Sou Hu Cai Jing·2025-12-19 00:59Group 1 - The core viewpoint of the article highlights that JPMorgan is reallocating $350 billion (over 2.4 trillion RMB) from its Federal Reserve account to U.S. Treasury bonds to lock in yields before potential interest rate cuts [1] - The article notes that the recent liquidity tightening in the financial system is showing signs of strengthening, despite the Federal Reserve's indication of quantitative easing (QE) [1] - The shadow banking system, valued at $63 trillion, is identified as a potential source of instability in the global financial market, with the private credit market, currently around $1.8 trillion, also seen as a risk factor [1] Group 2 - Analysts suggest that JPMorgan's large-scale operation could significantly impact the liquidity of the entire financial system [1]