ChainCatcher news, JPMorgan analysts expect that the Bank of Japan will raise interest rates in April and October 2025. By the end of 2025, the policy interest rate is expected to be increased to 1.0%. The Bank of Japan may raise rates twice to 1.5% in 2026. (Jin Ten)

ChainCatcher news, JPMorgan recently released a report evaluating the Department of Government Efficiency (DOGE) established by incoming President Trump, led by Elon Musk and Vivek Ramaswamy, aimed at streamlining federal operations and cutting wasteful spending.The report stated: "In terms of government efficiency, Trump is expected to push an agenda that advocates for reducing red tape. This includes the establishment of a new Department of Government Efficiency," and added: "We believe that this department will find it difficult to achieve this."JPMorgan explained the reasons why DOGE may encounter obstacles: "Ultimately, Congress controls government spending, and DOGE is outside of Congress. The department can propose all the suggestions it wants, but in the end, it is the typical 60-vote majority in Congress that decides legislative changes."The report concluded: "One of the key questions for investors in 2025 is which parts of the Trump 2.0 agenda will be emphasized and which parts will gradually fade."

ChainCatcher news, according to CoinDesk, payment giant Mastercard (MA) has integrated its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan's recently renamed digital asset business Kinexys (formerly known as Onyx). This collaboration aims to enhance B2B cross-border payments, "providing greater transparency and faster settlement speeds while reducing time zone friction."Tokenized foreign exchange is an attractive subset of the real-world asset trend based on blockchain, which has been firmly embraced by traditional finance as it offers an almost real-time, always-online way to avoid cross-border gaps and pain points. The two companies stated in a joint announcement that by integrating Mastercard MTN with Kinexys digital payment connectivity, MTN and Kinexys' mutual clients will be able to settle B2B transactions through a single API.

ChainCatcher news, according to CoinDesk, JPMorgan's latest research report shows that the economics of Bitcoin mining significantly improved in the first half of November. Data indicates that the hashprice, which measures mining profitability, has increased by 29% since the end of October, primarily benefiting from Bitcoin's price increase outpacing the growth in network hash rate, as well as an increase in the proportion of transaction fees to block rewards.The report points out that the total market capitalization of the mining stocks tracked by the bank grew by 33% from October 31 to November 15, approximately $8 billion. The network hash rate has increased by 2% so far this month, averaging 718 EH/s. Notably, 14 publicly listed mining companies in the U.S. currently account for about 28% of the global network hash rate, maintaining a historical high.

ChainCatcher news, according to Jinshi reports, the elected President Trump and JPMorgan Chase CEO Jamie Dimon clearly stated on Thursday that they will not work together in the government. Dimon said, "I wish the president all the best, I haven't had a boss for 25 years, and I'm not planning to have one now." It is reported that this is Dimon's first public statement since the U.S. election.About 30 minutes before Dimon's speech, Trump posted on Truth Social to clarify rumors: "I have great respect for Jamie Dimon of JPMorgan Chase, but he will not be invited to join the Trump administration, thank you Jamie for your outstanding service to our country." So far, Trump has largely filled his cabinet with his closest supporters and excluded any recently voiced criticisms.

ChainCatcher news, according to The Block, JPMorgan analysts outlined six key regulatory and market changes for the cryptocurrency industry under the Trump administration that could reshape the landscape of cryptocurrency in the U.S. under the leadership of Trump and the Republican-led Congress.JPMorgan analysts indicated that several stalled cryptocurrency bills may quickly gain approval. These bills include the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which could provide much-needed regulatory clarity for the crypto industry by clearly defining the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).They also stated that as the regulatory framework becomes clearer, the SEC's strategy of increasing enforcement may evolve into a more collaborative approach. High-profile lawsuits against companies like Coinbase may be eased, settled, or even dismissed. Regulatory notices sent to companies like Robinhood and Uniswap could be reconsidered, thereby reducing the litigation risk for the broader crypto industry. The SEC's "Staff Accounting Bulletin No. 121" (SAB 121), which restricts banks from holding digital assets, may be repealed.Additionally, JPMorgan analysts noted that the SEC may seek to resolve lawsuits concerning unregistered securities and require the launch of futures-based ETFs for these assets before approving spot ETFs. These factors could delay the approval of new ETFs or require re-filing. Clearer regulations may increase venture capital, mergers and acquisitions, and initial public offerings in the cryptocurrency space. Although strategic Bitcoin reserves would significantly enhance Bitcoin's legitimacy and could potentially drive up its price, the likelihood of this passing is low.

ChainCatcher message, Trump stated on the social media platform Truth Social, "I have great respect for JPMorgan Chase CEO Jamie Dimon, but he will not be invited to join the Trump administration. I appreciate Jamie's outstanding contributions to our country."

ChainCatcher news, according to Jinshi reports, the JPMorgan market team believes that inflation data is more likely to show signs of warming rather than cooling. Nevertheless, they think that this week's hotter data is unlikely to derail the risk appetite tone, and investors are also unlikely to fixate on a single data point, as there is one more CPI data release before the December Federal Reserve meeting.However, the team reminds investors that Powell has shifted the Federal Reserve's focus from the labor market to weighing the dual mandate of employment and inflation. "If CPI and even retail sales data show a stronger economic growth trajectory while also stimulating inflation, then we need to pay attention to what might happen in the future."In JPMorgan's view, investors are unlikely to shift to a cautious portfolio stance until they see the overall CPI year-on-year reaching 3.5% (which is a credible threat to the Federal Reserve). They believe that the Federal Reserve will only take tightening action if the inflation rate returns to or exceeds 4%.

ChainCatcher news, Stephen Gretsky, Managing Director of JPMorgan Private Bank, stated that if Trump makes policy changes regarding taxes, deregulation, and cryptocurrency, the first two years of his second term could be "quite influential."Gretsky noted that Trump's tax cut plan is key. "If you buy stock in a company, you are clearly buying their future after-tax earnings. If the tax rate is low, stock prices will be high. I think that's what we saw last week. It's clear that both the House and the Senate are now on Trump's side, so we may see things move in that direction over the next two years." He also pointed out that "doing these things may not be as easy" after the 2026 midterm elections.

ChainCatcher news, according to Jinshi reports, strategists including Teresa Ho from JPMorgan expect that, given the liquidity situation has returned to normal after the end of October, the Federal Reserve will end quantitative tightening (QT, i.e., balance sheet reduction) in the first quarter of 2025, earlier than the previously expected completion by the end of 2024.The supply of U.S. Treasury bills and repos has both increased, and money market funds are seeking to extend to longer maturities as expectations for easing diminish, drawing more funds from the Federal Reserve's overnight reverse repurchase facility.

ChainCatcher news, according to Decrypt, JPMorgan released a report stating: "We continue to believe that a Trump victory could have a similar impact to that of 2016 in the next eight weeks or so. While Bitcoin surged and gold fell due to Trump's victory, his policies may support both before 2025, as traders attempt to hedge against currency weakness and geopolitical headwinds, both gold and Bitcoin could benefit from 'devaluation trades'."

ChainCatcher news, according to Caixin, JPMorgan stated that the election results have reduced the risk of intense debates surrounding the U.S. debt ceiling in the first half of 2025 and alleviated uncertainties regarding the evolution of the Treasury General Account (TGA). The debt ceiling has been suspended until January 1, 2025, after which the Treasury will begin to utilize extraordinary measures and its cash balance to meet its debt obligations.JPMorgan believes that assuming the Treasury's TGA forecast for the fourth quarter of 2024 is $700 billion, and with a slight increase in extraordinary measures, the Treasury is unlikely to exhaust its resources and face the risk of a technical default before July 2025.

ChainCatcher news, according to The Block, based on the views of JPMorgan analysts, as Trump wins the U.S. presidential election, both gold and Bitcoin are expected to perform well. They specifically highlighted the concept of "devaluation trade." "Devaluation trade" refers to an investment strategy that benefits from currency devaluation or weakening, which is often caused by inflation or expansionary fiscal policies. In this trade, investors purchase assets like gold and Bitcoin, which are seen as stores of value, as they can maintain their worth even when the purchasing power of currency declines.JPMorgan analysts pointed out that retail investors are also supporting gold and Bitcoin, with investments in gold and Bitcoin ETFs increasing since last summer. This trend is expected to continue until 2025, and Trump's policies may also support these two assets. Additionally, the analysts mentioned a radical Bitcoin acquisition plan announced by MicroStrategy through its "21/21 plan," stating that Bitcoin is likely to receive further boosts.The plan involves raising $42 billion in funding over the next three years, with half ($21 billion) coming from equity and the other half ($21 billion) from fixed-income securities. Analysts noted that in 2025 alone, MicroStrategy will invest $10 billion in purchasing Bitcoin, which is roughly equivalent to the total amount it has accumulated since mid-2020.

According to ChainCatcher news reported by CoinDesk, JPMorgan Chase has announced the renaming of its Onyx division, which focuses on tokenization and blockchain, to Kinexys. The bank plans to launch on-chain foreign exchange capabilities as early as the first quarter of 2025, enabling 24/7 automated multi-currency settlements.JPMorgan's JPM Coin blockchain settlement technology has also been renamed to Kinexys Digital Payments. Users of the platform include global companies such as Siemens, BlackRock, and Ant International.JPMorgan stated that with the increase in transaction volume, higher customer adoption rates, and product expansion, they are ready to accelerate the application of blockchain technology and tokenization in mainstream financial services. The new on-chain foreign exchange feature will initially support USD and EUR, with plans to expand to other currencies in the future.

ChainCatcher news, JPMorgan has revised its 2025 Federal Reserve interest rate forecast to a quarterly rate cut starting in March. Previously, JPMorgan expected a 100 basis point cut in 2025.

ChainCatcher news, according to Jinshi reports, JPMorgan CEO Dimon has no plans to take a position in the Trump administration, and he will continue to stay at the bank.

ChainCatcher news, according to The Information, industry insiders say that investment bankers from top Wall Street firms like JPMorgan, Goldman Sachs, and Morgan Stanley have been meeting with cryptocurrency executives, hoping to gain insights into potential initial public offerings (IPOs) that cryptocurrency companies may pursue after the elections. This enthusiasm reflects optimism about improved market and regulatory conditions following Donald Trump's victory in the U.S. presidential election, which could pave the way for companies like Kraken, Fireblocks, and Chainalysis to go public.It is reported that bankers' interest in the meetings is also different from much of the past two years, during which many investment banks considered the risks associated with cryptocurrency companies too high to engage in business.

ChainCatcher news, gold futures rose 0.2% to above $2750 per ounce. JPMorgan analysts stated in a report that gold is the preferred commodity to hedge against the upcoming U.S. elections. JPMorgan indicated that a victory for Harris would signify continuity in policies and a trend of growth, while a victory for Trump could lead to significant policy changes.Therefore, if Republicans sweep the elections under Trump's leadership, gold and silver may rise further under the influence of market uncertainty. JPMorgan stated that, in any case, gold should continue to be supported by structural bullish factors, including growing concerns over the increase in U.S. fiscal debt and support from the Federal Reserve's interest rate cycle.

ChainCatcher news, Judy Dimon, the wife of well-known political donor and JPMorgan Chase (JPM.N) CEO Jamie Dimon, campaigned in Michigan over the weekend, urging voters to support Kamala Harris's presidential run.Jamie Dimon himself has declined to publicly endorse any candidate and has promised to work with whoever is elected. Earlier this year, Trump posted a picture on his social media page claiming to have Jamie Dimon's support, but JPMorgan Chase quickly denied it. (Golden Ten)

ChainCatcher news, JPMorgan Asset Management's Chief Global Strategist David Kelly stated that if Trump wins the U.S. election this week, the Federal Reserve may pause its easing cycle as early as December. This is because Trump's expansionary fiscal policy plans will drive up inflation and prevent interest rates from falling. Kelly pointed out that if the Republicans achieve a significant victory with Trump's win, more expansionary fiscal policies may emerge, potentially triggering trade wars, widening the deficit, and leading to higher interest rates. On the other hand, Kelly indicated that if Vice President Harris wins, the economy may continue on its soft landing trajectory. In this scenario, the Federal Reserve may stick to its expected easing policy path.