UPDATE: From Oct 4 - Oct 11

US net liquidity roughly INCREASED by +$57.7B.

Fed balance sheet: -$3.7B

ORR: -$102.6B

TGA: +$41.2B

OPINION: This is generally net positive for risk assets, all things being equal.

Net liquidity still rangebound since late-April 2022, but it has been trending materially higher since late-September 2023 lows.

DYOR

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