The stock market’s stunning rebound from its March lows was never a mystery. It was an accounting identity. The Treasury pumped $431 billion back into dealer accounts through seasonal T-bill paydowns, and that cash had nowhere to go but into stocks and bonds. That engine will soon be out of fuel. When it stops, the same liquidity math that drove the rally goes into reverse, against a backdrop of a broken repo trend, a teetering basis trade, and an incoming Fed chair who wants to reduce the Fed’s footprint in the financial markets. Legacy (pre-April 2026), click here to download the report.
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Download Macroliquidity™ Report - May 5, 2026 (Membership Required: Integrated Edge or Macroliquidity™)
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