Liquidity: that’s the whole story. TGA has been stuffed above target because of the shutdown, leading to: • Drains market liquidity • Risk on taking a short term hit But that dynamic flips fast once government spending restarts. Add in: • QT ending in Dec • Rate-cut path opening • Fed officials openly floating balance-sheet expansion to stabilize reserves We’re approaching a regime shift where liquidity turns from: headwind → tailwind. When liquidity returns, risk assets will 🚀(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)