Overview of Major Overnight Developments on December 3
21:00-7:00 Keywords: Strategy, Kalshi, Backed Finance 1. Strategy will consider lending bitcoin in the future; 2. Trump reiterates that the Federal Reserve Chairman should cut interest rates; 3. Kalshi completes $1 billion financing at a $11 billion valuation; 4. An exchange announces the acquisition of the tokenized asset platform Backed Finance; 5. JPMorgan: Bitcoin has become the leading indicator for the entire US market; 6. US lawmakers urge regulators to implement stablecoin regulations before the July 2026 deadline; 7. Strategy CEO: Strategy sets up a $1.4 billion reserve fund through stock sales to ease bitcoin selling pressure.
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After Waller's hawkish speech, the market focuses on "rate hikes", but Morgan Stanley says balance sheet reduction is more likely.
After the Jackson Hole meeting, the market's focus has shifted to interest rate hike expectations. However, Morgan Stanley economist Carpenter pointed out that Walsh's long-standing stance on reducing the $7 trillion balance sheet should not be overlooked. It is expected that the Federal Reserve may begin a balance sheet reduction of more than $1.5 trillion next year, partially replacing rate hikes.
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