The Liquidity Outlook Is Worse in the US

The underlying momentum for liquidity is worsening now. The signals are telling me that the liquidity outlook is worsening. First Republic Bank used the so-called emergency lending measures from the Federal Reserve to a very large extent over the course of February, March and April. And it obviously comes with repercussions for your portfolio when liquidity dwindles relative to a scenario where liquidity increases in the financial system.