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Return Of The Bull Market? | On The Margin Round Up
Forward Guidance
The Third Body Problem and Liquidity
When I think about liquidity, there are three things that I think about. There's the reverse repo facility, there's the Fed balance sheet, and then there's the TGA. And somehow these things together, I feel like you should just be able to tell what the liquidity picture is going to be. These are known relationships relative to one another. But for some reason, they produce this weird third body problem sort of outcome when it comes to liquidity.
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