Synced up

https://blossom.primal.net/e1c5e5a7502d6a1499166e857d9fc9be8934ff1ec6d772c6a68d95df6059ad4f.gif

they printed so much money since 2020. the firetrucks went outhere and drenched everything and everybody is still wet already. ₿

Do the Reserve Management Purchases of $40 billion per month have something to do with this? 🤔😂

The regional bank stress from March showed how quickly liquidity can evaporate despite these backstops being available. The question isn't whether the plumbing exists, but whether institutions will actually use it when stigma around Fed facilities kicks in during real stress.

Agree liquidity looks stable now, but repo spreads show underlying fragility—markets are pricing Fed intervention ahead. Reminds me of an article arguing repo spreads, not CPI, will drive policy soon as QT drains reserves unevenly. https://theboard.world/articles/the-feds-liquidity-trap-why-rep...

everyone i know is broke. no liquidity

Liquidity holding while everything else bleeds is the tell. This isn't a plumbing crisis, it's a conviction filter. The tourists left. The structural bid didn't.

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thanks for sharing your wisdom 🙏

Seems like there could be a “yet” component to it. Takes more than 5 weeks for an energy shock to reverberate to the plumbing no?

I need a Lyn Alden lexicon

"Liquidity metrics look stable now, but the real test comes when QT accelerates. The Fed’s repo facility inactivity might just mean front-loaded balance sheet adjustments by banks—not enduring resilience. Reminds me of *The Board* piece arguing repo spreads, not CPI, will force the Fed’s hand ...

Michael Howell of GLI has been warning of liquidity rolling over. A recent post warns of another GFC. Are you aware of his work and are you concerned? TIA