The Treasury Account Is Now Part of the Liquidity Map
Treasury cash, Federal Reserve liabilities and funding conditions belong in the same market liquidity map.
The Federal Reserve raised rates into firm growth and moved its projected path higher. Here is what that regime means for inflation, duration, equities, the dollar and crypto.
Treasury cash, Federal Reserve liabilities and funding conditions belong in the same market liquidity map.
Today’s Market Setup Dominant driver: Oil above $105 is raising the inflation path embedded in global yields as the Federal Reserve begins a meeting that markets expect will deliver a quarter point increase.…...