JPMorgan swaps cash for Treasuries

17 December 2025 · 10m

FT News Briefing

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Show notes

Investors are snapping up Venezuela’s defaulted debt, JPMorgan Chase has withdrawn almost $350bn in cash from its account at the Federal Reserve since 2023, and the US unemployment rate rose to its highest level in more than four years. Plus, global asset managers’ cash holdings have fallen to a record low in a sign of investors’ bullishness about the AI-fuelled stock market rally.

Mentioned in this podcast:

Investors pile into Venezuelan debt in regime change bet

JPMorgan pulls $350bn from Federal Reserve to buy up Treasuries

Bullish investors pile into stocks as cash levels sink to record low

US unemployment rate hits four-year high of 4.6%

Fifa offers cheaper World Cup tickets in response to outcry

Note: The FT does not use generative AI to voice its podcasts

Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com

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