Over the past 18 months, liquidity from Treasury General Account (TGA) and Reverse Repo (RRP) has been more than offsetting the Fed’s QT.
— The Kobeissi Letter (@KobeissiLetter) April 16, 2024
Liquidity from TGA and RRP has exceeded the Fed’s balance sheet reduction by $417 billion.
While the Fed has been reduce liquidity, the US… pic.twitter.com/aZSfUNCJda