Part 3/13:
Between the second quarter of 2024 and the first quarter of 2025, JP Morgan’s holdings in US Treasuries and agency securities surged by approximately 39%, adding around 121 billion dollars. For example, at the end of 2024, the bank’s total holdings approached nearly 430 billion dollars, up significantly from just a year prior. These figures are antithetical to the narrative of imminent inflation, suggesting the bank isn’t positioning itself for a straightforward inflationary environment.