Global Liquidity Regime Shift: End of Cheap Money Era
ON RRP depletion, dealer balance-sheet constraints, $4T hedge fund Treasury exposure, $830B basis trade. JPMorgan warns cheap money era over. Central bank divergence and QT drains reshape liquidity regimes. New: Fed bill purchases create self-reinforcing loop, amplifying short-term borrowing and rollover risk.
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Updated Aug 3, 2026