Markets Setup for Rollercoaster Ride in 2023
FEB 03, 2023 • 9 Min Read
Kevin Kelly, CFA + 1 other

The author(s) of this report may personally hold material positions in BTC. The authors have not pur
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Kevin Kelly, CFA + 1 other

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One of the key catalysts has been an increase in global liquidity, largely driven by China’s PBoC and, to a lesser extent, the Fed. Liquidity from the latter is supporting money markets even as “headline QT” continues. This is a trend that could continue through the better part of Q1 as the US debt ceiling debacle forces the TGA to be drawn down. Funds have also started to flow out of the RRP, both of which are offsetting declines in the Fed’s balance sheet (shadow “QE”). See our