The Federal Reserve's Liquidity Injections

The global liquidity measure bottomed in October of last year, which pretty much I think was a little bit ahead of when the markets began to bottom. The Federal Reserve stopped withdrawing liquidity on our view around early October in the wake of the British guilt crisis. After the SBB failure, they began to increase liquidity more aggressively through discount window lending support generally for the for the regional banking system. But if you look at that pocket of central bank liquidity globally, I would argue it's broadly speaking going up. It has cooled off, but it's still expanding. That's number one. Point number two is that you've also got alongside that a clapped in bond volatility. So you've got

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