UPDATE: Past week (Feb 22 to Mar 1) changes in US Net Liquidity 👀
Fed reserves: -$42B
TGA: -$96B
Reverse repo: +$20B
NET: +$34B (Prior week: -$92B -- CONTRACTION)
US Net Liquidity EXPANDED approximately $34B from 2/22 to 3/1.
Net POSITIVE for risk assets, ceteris paribus.
Liquidity is fungible 🤝
Hat tip Luke Gromen, I think, for pointing that out to me. An aha moment.
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