Is JP Morgan delevering?

Two stories, one they are dropping the student loan portfolio and two, allowing a bank run go forward on their gold storage. Is JP getting squeezed or is JP doing the squeeze? My search reports JP had been increasingly holding more cash, they are preparing to be the first to jump ship. I see a contraction when large brokerage firms reduce the number of asset classes.

When I see the unusual, I check my favorite indicators, the CPI and the PPI:

This chart is revealing

Normally I look at the ratio, CPI/PPI; and call that the gains from scale.  We can see that producer prices hit a wall, they cannot go higher. If we bounce down from that wall, it is recession time. If it is recession time then we will see large investment brokers lead the delevering.

The other news was that PIMCO took a hit from the emerging market mess up. They lost 14% of their customer. There customers going to JP Morgan?

Let us Taper, expand the experiment.