Hopeful liquidity indicators
Simon Ward
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G3 bank reserves have risen to a new record, reflecting Japanese foreign exchange intervention and an increase in the ECB’s repo lending:
The ECB’s bond purchases have contributed to a debt-weighted average of Eurozone 7-10 year government yields falling to its lowest level since November:
US money measures have picked up further, implying ample “sideline” cash available to flow into the economy and markets when risk aversion abates:
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