First Republic Under Stress, Now What?
The Macro Trading Floor
The Fed's Debt Ceiling Date
The US Treasury will very suddenly be allowed to withdraw a lot of liquidity from financial markets again or for commercial banks because they will be allowed to rebuild their own cash pool. By the way, the Eurodollar system is basically no more. So I think what I'm slowly but surely trying to convey here is that the signing of this actual debt ceiling deal might not be good news for risk markets or risk assets in general. You are totally right and there are two effects to consider here.
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