The Liquidity Cycle, Growth Cycle and the Propit Cycle

i think the earnings recession is not something that should be discounted by the average investor in terms of materializing over the next several quarters. i encourage you to peruse the entire deck at your leisure, but let's get into the liquidity cycle, which starts on page 71. We're very much likely to see a continued acceleration in the reserve repo balance, which effectively drains money out of the overall economyand into a sort of black hole. And part of the reason we're going to continue to see an aggressive re pricing of capitalized treasury balances is just from the pespective tax receipts. If you look at short eof tea bills looking at spread between tea bill and similar maturity yields,