The AI 5 versus the S&P 495
The Macro Trading Floor
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The Liquidity Stress in Dollar Markets
When you look at partial shutdowns of the US government, you tend to see liquidity stress and dollar markets around the implementation date. And I'd actually say that typically you see a, if anything, a stronger dollar when the liquidity stress arises in dollar markets. But most importantly, credit spreads have been tying that tracking very closely with the equal weight SMP 500 is doing. They've been shopping around the same levels for the last five months or the last 12 months.
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