Legacy Subscribers (pre-April 2026), click here to download the report.
The US Treasury is effectively acting as a massive money printer, but the transmission belt connecting debt issuance to stock market gains is beginning to slip. While seasonal tax revenue provides a temporary liquidity “firehose,” structural regime changes in the Treasury and repo markets suggest a long-term bear market is looming, once seasonal Treasury bill paydowns generated by the March-April tax windfall, subside in late May.
But that is not the whole story going forward. Here’s what you need to know.
This report explains and illustrates the facts that inevitably led to this outlook, and suggests how to view this context in your trading strategy.
The report disdains Wall Street mythology, shows the real data and illustrative charts that clearly define the issues. It suggests your investment strategy for dealing with the facts, as opposed to the Fed or Street narrative.
Download “Macroliquidity™ Subscriber Report” liquidity040826.pdf – Downloaded 3 times – 2.05 MB
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