UPDATE: From Oct 11 - Oct 18

US net liquidity roughly INCREASED by +$19.0B. 👀

Fed balance sheet: -$18.9B

ORR: -$88.6B

TGA: +$50.7B

OPINION: This is mildly 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 its late-September 2023 lows.

DYOR

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