To be more precise, it could be said that: "A rebound attempt occurred in mid-to-late November, with further support from liquidity in late November to December. December will determine how far this rebound can go." Liquidity has a short window in December, with a real improvement most likely after late February. The rebound corresponds to three phases: a rebound driven by events in mid-to-late November, the highest quality rebound around December 10th to early January, and a second dip to be wary of from January to mid-February. In short, keep a close eye on the withdrawal of funds from TGA accounts.