Quick back of the envelope math for US Net Liquidity over the past week (April 10-17):
Fed Balance Sheet: -$33B
TGA: -$92B
ORR: +$5B
Net: ~$120B liquidity contraction.
All else equal, this is net negative for US based risk assets.
Quick back of the envelope math for US Net Liquidity over the past week (April 10-17):
Fed Balance Sheet: -$33B
TGA: -$92B
ORR: +$5B
Net: ~$120B liquidity contraction.
All else equal, this is net negative for US based risk assets.
That’s only because of tax receipts should reverse in the next 2 weeks right?
