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The Fragmentation of Market Microstructure
Fewer humans intervening, more machines intervening just means lower liquidity. And it's only going to get worse as quantitative tightening tightens financial conditions overall. It'll get better when the Fed finally does pivot, starts cutting rates, at least eases the breaks off of quantitative tightening. But that's not until 2023. Nothing like that is going to happen in December or January either.