Trump’s 25% auto tariff slammed into markets just as the AI rally hit a wall of resistance. Liquidity remains fragile, Treasury auctions are under strain, and investor complacency could prove costly.
The S&P 500 is attempting a rebound, but institutional investors remain cautious. Liquidity trends suggest this isn’t the time to chase the rally. Here’s what’s really happening beneath the surface.
Between March 18 and 27, Treasury will have injected $145 billion into dealer, MMF, and investor accounts. Pure market fuel. This rally wasn’t about real buying—it was about who got caught offside. Dealers came in record short and got steamrolled. Lee Adler explains why the trap is about to snap shut.
Markets are misreading Treasury’s current cash flows as bullish. But this surge is just a redistribution ahead of a major issuance shock.
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This post was generated by AI under my direction and with my review and edits. All of my research reports consist of my personal work…
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