🌊 Liquidity Update The market is in a 🟡 Neutral / Selective Liquidity Regime. Liquidity has not disappeared, but the price of funding remains high and the transmission into risk assets is narrow. Friday’s equity rebound improved participation; it did not remove the dollar and yield constraints that determine whether the move can persist. 💵 Dollar The latest US cash session left the dollar proxy UUP up 0.76%. That matters because the dollar is more than a currency signal: it is the funding price for a system with large dollar liabilities. A firmer dollar raises the hurdle for international borrowers, tightens financial conditions outside the US and makes weak risk narratives compete harder for capital. 🏦 Treasury Yields The official US curve closed Friday with the 2Y at 4.51%, the 10Y at 4.86% and the 30Y at 5.26%. The front end reflects policy expectations; the long end sets the discount rate and absorbs concerns about inflation, issuance and term premium. Even if investors expect easier policy later, a 10Y near 4.9% still makes cash and government bonds formidable competitors for equities, gold and crypto. 🏛 Monetary Conditions Tuesday’s CPI can change the expected path of rates, but an expectation shift is not the same as an immediate expansion of reserves or balance-sheet liquidity. A cooler print would reduce the price of funding if yields and the dollar fall together. A firm print would keep the transmission restrictive. The confirmation must come through markets, not from the headline alone. ₿ Digital Asset / Institutional Capital Crypto has stabilized rather than broadened. Bitcoin is near $76.0K and up about 0.2% over 24 hours, while Ether near $2.24K and Solana near $89.7 are slightly lower. Perpetual funding is positive but modest across BTC, ETH and SOL. That combination shows leverage is not in deep defensive mode, yet it does not prove that fresh capital is expanding across the system. The distinction is useful: price stability can come from seller exhaustion, short covering or limited weekend depth. Durable liquidity expansion needs wider participation, improving breadth and confirmation from a softer dollar and lower yields. 🚦 Liquidity Regime 🟡 Neutral / Selective 💧 Liquidity Score 48 / 100 📈 Market Outlook Equities have room to repair, but only if the dollar and long yields stop absorbing the marginal bid. Crypto is stable, not yet broad. The next signal is transmission: watch whether CPI moves the 10Y, the dollar and digital assets in the same easing direction. A policy expectation can open the door. Cheaper funding and broader capital participation are what keep it open.