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Here’s Why It’s Important That Stocks and Bonds Rallied Despite Tightening Liquidity

Monthly deficits have exploded since passage of the tax cut and Congressional Budget Busting Agreement. However, June was a tax collection month, padding the Treasury’s cash account. That allowed the Treasury to pay down a few T-bills in June. But there was still a big year to year increase in supply. Despite that, stocks and bonds both rallied. Here’s what that means.

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