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The Treasury’s aggressive T-bill paydowns have acted as synthetic QE, injecting liquidity into the financial system and fueling a powerful stock market rally since April. This has all been foreseeable, and has played out as forecast. The Treasury General Account (TGA) is now declining rapidly, thus this temporary support will expire in a time window that we can now project with confidence. This will be a sharp reversal point, the Liquidity Cliff—likely in xxxxxx xxxxx xxx xxxx xxxxxxx. —when the xxxx xx xx xxxx and xxxxxx xxxxxxx xxxxxx at a scale …
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