The composite liquidity indicator rose slightly last week, on slight increases on most of its components. The uptrend in the indicator has continued at a steady pace since it broke out in March. Over the course of this latest surge, most of the cash has been targeted at the Treasury market, with stocks getting only an occasional bid. As Treasury supply goes through its seasonal increase, the pace of the advance in Treasuries should materially slow, but until the forces of liquidity at least level out, both markets are likely to remain intermittently buoyant.
Just how buoyant will depend on a few factors.
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