Liquidity & Monetary Policy - The US government reopening is expected to lead to increased liquidity due to TGA spending over several months [1] - Quantitative Tightening (QT) is expected to end in December, leading to a gradual increase in the balance sheet [1] - The market anticipates the dollar to weaken [1] - Expect "temporary" measures like Term Funding and SRF operations to avoid a year-end funding squeeze [1] - Changes to the Supplementary Leverage Ratio (SLR) are anticipated in Q1 to allow banks to absorb more issuance and re-lever their balance sheets, acting as a significant liquidity boost [2] - Lower rates are expected as banks buy more bonds due to SLR changes [2] Fiscal Policy & Global Economy - Expect stimulus payments and fiscal stimulus to boost the economy [2] - China is expected to continue balance sheet expansion, and Europe may implement fiscal stimulus or extra spending [2] - The government aims to stimulate the economy leading up to the Mid-Terms [3] Regulatory & Legislative - Finalization of the CLARITY Act for crypto is expected [2]

Liquidity Injection - A multi-vector liquidity injection is expected from the TGA (Treasury General Account), PBOC (People's Bank of China) balance sheet, bank reserves, and the end of QT (Quantitative Tightening) [1] Macroeconomic Outlook - Macroeconomics requires a long-term perspective and patience [1] - A liquidity flood is anticipated [1]