At the end of May, market liquidity will face a cliff, The Fed's secret bond-buying quietly comes to an end. Over the past year, while the market has been verbally hedging against the Fed's hawkish stance, Asset prices (especially the AI sector in US stocks and Bitcoin's surge at the beginning of the year), Have actually been quietly benefiting from the Fed's hidden liquidity. In fact, last year, to ease pressure on the repo market, the Fed launched the so-called Reserve Management Purchases (RMPs) program.