SOFR just fell off a cliff. When the cost of overnight money collapses, it’s a significant regime signal. Cheap funding → more leverage → higher risk appetite → liquidity turning. Layer this on top of: - TGA drawdowns coming once the government reopens - QT ending in December - Fed officials hinting at balance-sheet expansion to stabilize reserves The market isn’t reacting to narratives. It’s front-running a shift in liquidity conditions. Watch liquidity. Everything else is noise.(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)