[Ark Invest: U.S. Market Liquidity Recovery May Improve Environment] On November 27, Ark Invest stated that U.S. market liquidity began to recover after hitting a multi-year low of $5.56 trillion on October 30. The government shutdown caused a liquidity loss of $621 billion, but $70 billion has flowed back into the market since the government reopened. It is expected that the normalization of the Treasury General Account over the next 5-6 weeks will bring an additional $300 billion back into the market. New York Fed President John Williams, California Governor Waller, and San Francisco Fed President Daly support rate cuts, with the market-implied probability of a near-term rate cut rising to about 90%. Ark Invest believes that quantitative tightening will end on December 1, and monetary policy will shift to a supportive stance.