#DanielNadem

Liquidity is quietly starting to turn, even if most people haven’t noticed yet. Quantitative tightening effectively ended on December first, marking an important shift in policy direction. By December twelfth, conditions were already moving back toward quantitative easing. Just twelve days later, the Federal Reserve began forty billion dollars in Treasury bill purchases, reinforcing that change. These moves rarely feel dramatic in the moment, but they matter over time. Liquidity cycles don’t announce themselves loudly, they unfold gradually. What we’re seeing now looks like the early groundwork for a new liquidity expansion heading into twenty twenty six. These early phases are often overlooked, but historically they tend to set the stage well before markets fully respond.