Challenging liquidity

1. Potent liquidity squeeze, as Treasury refills its TGA account – rates rise to effect required Fed B/S outflows (assuming QT at current pace) 2. QT meant nothing YTD, it will mean something now 3. TGA dynamics flip from a 3% addition to nominal GDP over past 5 months to a potential drawdown nearing 10% of GDP in the next 3 months (TS Lombard's Steve Blitz)