Core Insights - The Federal Reserve's quantitative tightening (QT) has concluded, with a total asset reduction of $2.43 trillion over three years and five months, representing a 27% decrease from its peak [2] - The Fed's balance sheet decreased by $37 billion in November, reaching $6.53 trillion, with a significant shift in asset composition expected as Mortgage-Backed Securities (MBS) are replaced by Treasury bills [1][4] QT and Asset Composition - The Fed's MBS holdings decreased by $16 billion in November, totaling $2.05 trillion, a 25% decline from the peak [4] - Treasury securities saw a reduction of $4 billion in November, with a total of $4.19 trillion, marking a 27.4% decrease from the peak in June 2022 [8] - The Fed plans to continue reducing MBS until they are fully off the balance sheet, while increasing T-bills, which currently stand at $195 billion [4][8] Repo Market Dynamics - The Standing Repo Facility (SRF) was utilized by banks to manage liquidity pressures, with a peak balance of $50 billion at the end of October, dropping back to zero shortly after [11][13] - The Fed expressed disappointment in banks for underutilizing the SRF, which contributed to spikes in repo market rates [14] - The SRF successfully mitigated liquidity pressures in the repo market, preventing a repeat of the 2019 blowout scenario [20] Financial Metrics and Economic Indicators - The Fed's assets as a percentage of GDP fell to 21.4% in November, indicating a potential further decline if the balance sheet remains flat while the economy grows [28] - The Treasury General Account (TGA) currently holds $908 billion, which has permanently increased the Fed's balance sheet size since the Financial Crisis [27]

Economic Indicators - Japan's household spending unexpectedly fell at the fastest rate in nearly two years in October, indicating the impact of inflation on consumer spending power [2] - The yield on 10-year Japanese government bonds reached 1.94%, the highest since mid-2007, with a projected rise of 13.5 basis points for the week, marking the steepest increase since March [2] Market Reactions - The Nikkei 225 index dropped by 1.5%, erasing gains made earlier in the week, while the MSCI Asia-Pacific index outside Japan fell by 0.1% but was still set for a weekly gain of 0.5% [1] - A quarter-point rate hike from the Bank of Japan is now priced at 75%, following comments from Governor Kazuo Ueda about considering the implications of raising interest rates [4] Currency and Capital Flows - The Japanese yen remained stable at 155 per dollar, above its 10-month low of 157.9, reflecting shifting capital flows and changing market expectations [3] - Analysts noted that long-standing expectations regarding a permanently cheap yen are being challenged, indicating a potential shift in investment strategies [3] Global Market Overview - In other markets, Australia's resource-heavy shares remained mostly unchanged, while Hong Kong's Hang Seng index decreased by 0.5% and South Korea's shares increased by 0.7% [5] - The US dollar steadied after a nine-session decline, trading down 0.1% to 99 against major peers, and down 0.5% for the week [5] Upcoming Economic Data - The US personal consumption expenditures (PCE) price index for September is expected to show a 0.2% rise in the core measure, maintaining an annual rate of 2.9% [6] - The US non-farm payrolls report was not released, but jobless claims showed a significant drop, alleviating concerns about the labor market [7]

🔥 BUILDERS: N3XT launched the first blockchain-powered bank under Wyoming charter for instant, programmable B2B payments 24/7. https://t.co/rzjTybbflf ...

Photo by BeInCrypto Central banks purchased a net 53 tonnes of gold in October 2025, a 36% month-over-month surge that brought the monthly total to the highest of the year. This aggressive gold accumulation reflects growing concerns over macroeconomic uncertainty and a strategic shift away from traditional dollar-denominated assets. Record Gold Purchases Signal Strategic Shift According to World Gold Council data, central banks purchased a net 53 tonnes of gold in October alone—the highest monthly deman ...

截至2025年9月末，广东科技型企业贷款余额达到3.15万亿元，实现从"不敢贷"到"敢贷愿贷能贷会 贷"的深刻转变。 ...

Core Insights - Guangdong's technology finance development during the "14th Five-Year Plan" period showcases a systematic and deeply integrated approach to fostering innovation and economic growth [1] Group 1: Banking Sector Transformation - The transformation of the banking sector is fundamental to the construction of a technology finance ecosystem, with policies like loan interest subsidies for manufacturing and high-tech enterprises significantly enhancing lending willingness [3] - A risk-sharing mechanism has been established to support technology loans, with provincial funds compensating up to 90% of losses for cooperating banks [3] - By September 2025, the loan balance for technology enterprises in Guangdong is projected to reach 3.15 trillion yuan, marking a shift from reluctance to a proactive lending environment [3] Group 2: Capital Market Reforms - Structural reforms in the capital market have created efficient growth platforms for technology enterprises, with the registration system reform enhancing the precision of multi-tiered capital market positioning [4] - Guangdong has seen a surge in IPOs, with 255 new companies listed in five years, 95.29% of which are technology enterprises, indicating a significant increase in "technology content" [4] - The bond market has also seen innovation, with a yearly growth rate of over 120% in the issuance of technology bonds, providing low-cost, long-term funding for technological advancements [4] Group 3: Growth of Equity Investment - The development of equity investment has established Guangdong as a source of industrial innovation, with government-led funds and industry capital playing a crucial role in supporting "hard technology" [5] - A comprehensive policy framework has been introduced to facilitate the entire investment cycle, promoting a virtuous cycle of investment, exit, and reinvestment [5] - The integration of banking, capital markets, and equity investment has created a multi-layered service system that fosters a positive cycle among technology, industry, and finance, positioning Guangdong as a leader in venture capital activity and technology enterprise listings [5]

Core Insights - Stablecoins have the potential to enhance access to financial services for individuals, but they may pose risks to central banks and financial sovereignty according to the International Monetary Fund (IMF) [1][2] Group 1: Impact on Financial Sovereignty - The IMF identifies "currency substitution" as a risk associated with stablecoins, which could gradually erode the financial sovereignty of nations [1] - The use of foreign currency-denominated stablecoins, particularly in cross-border transactions, may undermine monetary sovereignty, especially with the presence of unhosted wallets [2][3] - A significant shift in economic activity away from a nation's currency could reduce a central bank's control over domestic liquidity and interest rates [3] Group 2: Competition with Central Bank Digital Currencies (CBDCs) - Foreign currency-denominated stablecoins could become entrenched in payment services, making it difficult for local alternatives like CBDCs to compete [4] - CBDCs are defined as digital forms of sovereign currency issued and managed by central banks, contrasting with privately issued stablecoins [4] Group 3: Current Market Dynamics - As of now, stablecoins denominated in U.S. dollars account for 97% of the $311 billion stablecoin market, with euro-denominated stablecoins valued at $675 million and those linked to the Japanese yen at $15 million [5] - The IMF notes that stablecoin adoption is increasing in regions such as Africa, the Middle East, Latin America, and the Caribbean, which may affect central banks' ability to influence monetary policy [4] Group 4: Recommendations for Safeguarding Monetary Sovereignty - To protect monetary sovereignty, the IMF recommends that countries establish frameworks to prevent digital assets from being recognized as official currency or legal tender [6]

Strike CEO Jack Mallers isn’t letting traditional finance shut the door on him. After JPMorgan Chase abruptly terminated his bank accounts in September, the 31-year-old Bitcoin advocate is now heading toward Wall Street, with plans to take one of his companies public. Mallers’ firm, Twenty One Capital announced a key milestone in its merger with Cantor Equity Partners (CEP), a special purpose acquisition company listed on Nasdaq. Jack Mallers, CEO of Strike and Twenty One Capital (Source: Getty Images) ...

Private market firm Bain Capital and Japan’s Sumitomo Mitsui Banking Corp. are joining forces for a new European loan platform targeting corporate borrowers in Europe and UK https://t.co/AXBZpMCPOz ...

Core Insights - The article emphasizes the importance of diversification in investment portfolios, suggesting that exchange-traded funds (ETFs) are an effective way to achieve this with limited capital [1][2]. Group 1: ETFs and Diversification - ETFs provide instant diversification by holding baskets of stocks, with approximately 4,300 available on U.S. exchanges [2]. - The Dimensional International Value ETF (DFIV) is highlighted as a strong option for international exposure, requiring only a $500 initial investment [3][16]. - DFIV is actively managed, with a 16% annual turnover in holdings, compared to lower turnover rates in passively managed funds [6][10]. Group 2: Fund Composition and Performance - DFIV focuses on large foreign companies in developed nations, excluding emerging markets, and aims to invest in undervalued companies [7]. - The fund's current holdings include 541 stocks, with significant allocations in Japan (21.7%), the U.K. (12.9%), Canada (11.3%), and Germany (9%) [8]. - DFIV has delivered a total return of 40% this year, outperforming both passive funds and the S&P 500 [10]. Group 3: Costs and Benefits - The expense ratio for DFIV is 0.27%, which is higher than that of comparable passive ETFs, but the annual cost on a $500 investment is relatively low at $1.35 [12]. - DFIV offers a dividend yield of 3.1%, providing income that can be reinvested or used for other expenses [14]. - Consistent investment, even as little as $50 per month, can significantly grow an initial investment over time, illustrating the potential of long-term investing with DFIV [15][16].