The era of easy broad liquidity is coming to an end, prepare for what might come next. Global liquidity sits near $195 trillion, but momentum has faded, with 3-month annualized growth down to 1.8%. To put this into perspective: the shadow monetary base has stalled near $110 trillion, down from a February peak above $112 trillion. Here's the mechanism. Chinese injections, a softer dollar, firm bonds, and low volatility keep the stock high, while weak Fed growth and QT in Japan and Europe stop it from expanding. This is key: rising U.S. yields look like a growth re-pricing, not a loss of confidence. Term premia are stable to lower, and policy is yield volatility control rather than yield curve control. Faster nominal growth argues for 10-year yields closer to 4% than 3%. Sum it all up and this is a speculation regime, not a return to easy broad liquidity.