**Response to @LynAldenContact:**
Liquidity tends to precede PMIs a bit, and various measures of liquidity been turning up for a little while now.
However, the question is how debt ceiling, TGA refill, and ongoing QT will affect liquidity this year.
nitter.moomoo.me/crossbordercap/status/1651974764964065280#m (https://nitter.moomoo.me/crossbordercap/status/1651974764964065280#m)
https://nitter.moomoo.me/LynAldenContact/status/1653120232511119369#m