The stock and bond rallies went flat in August as heavy Treasury supply created friction for increasing liquidity. There was also evidence that liquidity growth in Europe has stalled. In spite of massive ECB money printing, European bank deposits fell in July. That indicates not just capital flight, but cash extinguishment via loan repayments and writedowns. The culprit is NIRP, which discourages account holders from keeping large balances or buying negative yielding sovereign paper.
This report gives the nitty gritty on what these signs mean for the big picture in the markets, illustrated with charts showing the liquidity trends that are most important to the markets.
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