Global Liquidity Update: Californication – BTFP & The Death of QT

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Californication – BTFP & The Death of QT

 

·           QT is effectively dead in the US, evidenced by the latest Fed (BTFP) QE program brought in to support markets after the Silicon Valley Bank (SVB) demise

 

·           China's People's Bank (PBoC) is employing an aggressive 'stop-go' policy: having injected RMB 1.53 trillion into China's money markets in December and RMB 900 billion in January 2023, the PBoC has tightened by RMB 884 billion (US$127 billion) in the past six weeks

 

 

 

 

See our latest published research, Global Liquidity Latest – March 2023

 

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