Traders are pricing in the biggest post-Federal Reserve move in months, with options implying roughly a 1% swing in either direction after an expected quarter-point rate cut. While a 97% probability of easing is already baked in, wide divergence in policymakers' projections and dissents is set to drive volatility even as Fed decisions exert less influence on equity trading.

JPMorgan CEO Jamie Dimon has formed a high-profile advisory council, including Jeff Bezos, Condoleezza Rice and former NSA director Paul Nakasone, to guide the bank's $1.5 trillion "Security and Resiliency Initiative" aimed at strengthening US supply chains and critical technologies. Dimon also named Todd Combs to run a $10 billion investment fund within the effort, which focuses on national security priorities from rare earths to AI.

The Supreme Court's conservative majority signaled it is likely to back President Donald Trump's removal of Federal Trade Commission member Rebecca Slaughter, positioning the court to weaken or overturn Humphrey's Executor, the 1935 precedent limiting presidential authority over independent agencies. Justices pressed on the implications for bodies such as the Federal Reserve, though several suggested the ruling could be narrowly tailored, while the liberal wing warned that dismantling the precedent could ripple across the administrative state.

US Comptroller of the Currency Jonathan Gould pushed back on traditional banks' efforts to slow crypto firms' entry into banking, saying digital-asset applicants should be treated no differently as charter requests rebounded to 14 this year. Gould signaled support for new trust banks, warned against "reputation risk" barriers, and said regulators are preparing updates as the system evolves "from the telegraph to the blockchain."

US bond investors are positioning for a mild Federal Reserve easing cycle by reducing long-duration exposure and favoring intermediate Treasurys, reflecting expectations of fewer rate cuts in 2026 and a higher neutral rate near 3%. With inflation still above target and policy uncertainty elevated, banks and asset managers say the belly of the curve offers better risk-adjusted returns than traditional long-bond strategies.

Top executives from Bank of America, Citigroup and Wells Fargo will reportedly meet senators Thursday to discuss pending crypto market-structure legislation, focusing on stablecoin interest payments, competitive concerns and illicit-finance safeguards. Bipartisan negotiators are nearing agreement on regulatory boundaries for crypto assets, though final Senate passage is not expected until next year, sources say.

The US Commodity Futures Trading Commission has launched a pilot program allowing Bitcoin, Ether, and USDC to serve as collateral in derivatives markets, part of Acting Chair Caroline Pham's broader push to modernize digital asset oversight. The initiative, which includes new reporting requirements for futures commission merchants, rolls back older restrictions and could accelerate institutional use of tokenized collateral.