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The Fed's Liquidity Jump
So far markets have reacted positively to this liquidity jump. The offset of quantitative tightening, at least over the last two weeks, markets have jumped directly in response to it. We don't see this as actual quantitative using right now, but that doesn't mean that can morph into it. It is important to see where this balance sheet is going and whether or not this count window barring and what happens to the banking crisis continues to loosen financial conditions or not.