The peak of liquidity draining has passed recently. In the last week of July, the U.S. Treasury's TGA rose from approximately $835.4 billion to $970.4 billion, an increase of about $135 billion in a single week. During the same period, bank reserves decreased by about $120.4 billion, dropping to $2.94 trillion. Actually, you can see the flow of big money during this period from the data. The Treasury issues bonds, and after buyers make payments, the funds enter the TGA. As a result, commercial banks' reserves at the Federal Reserve decrease, leading to a reduction in the amount of usable dollars in the market. This explains the liquidity squeeze in late July. Additionally, the Treasury's latest plan sets a target of approximately $950 billion for the TGA by the end of September. The current $970.4 billion is already slightly above the target. So, the entire month of July essentially completed the task ahead of schedule. In August and September, the Treasury won't continue draining liquidity. A rebound is coming soon.