The Divergence in Liquidity

The big question is we don't know how the divergence ends. It could be in a positive way, but on this chart in particular, I'm pretty sure liquidity isn't increasing right now. What probably, and what history has suggested should happen is that the stock line comes down with it. And you've got these big divergences. Divergences do not last forever. From these levels, a yield curve re-steepening are typically not a good sign for the market. They stay high for too long because we're trying to save something normalize. So when you think about what would take it to the next level of 18.8 times to 20 again, more liquidity