Ebb Tide
Rebuilding the Treasury General Account will drain liquidity and bring Fed pivot forward
Morgan Stanley suggests (by way of the Financial Times) the depleted the Treasury General Account (TGA), will be rebuilt by US$ 725 billion in the next 3-months and maybe US$1.25 trillion by end-2023. The TGA at latest observation (24th May) held just US$49.5 billion, down from US$410 billion at the end of 2022, and nearly US$ 1 trillion in May 2022. Wh…
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