🌊 Liquidity Update The market remains in a 🟡 Neutral Liquidity Regime. Liquidity is not contracting, but it is still expensive and selective. The plumbing has become slightly more supportive while the price of capital remains restrictive. 💵 Dollar The latest broad dollar index is 121.38, down from 121.79 in the previous session but still firm. A strong funding currency keeps global financial conditions tight even when risk assets are rising. 🏦 Treasury Yields The latest available US 2 year yield is 4.84% and the 10 year is 5.31%. Both moved higher during the first days of October. These yields raise the hurdle rate for equities, crypto and non yielding assets. Liquidity can exist without becoming easy liquidity. 🏛 Monetary Conditions Reserve balances averaged about $2.95T in the latest week, up roughly $18B. The Treasury General Account fell about $28B to roughly $949B, which was a modest liquidity release. But overnight reverse repo usage is almost exhausted at only about $0.4B. This buffer can no longer provide a large additional tailwind. 💲 Digital Asset Liquidity Stablecoin supply is about $307.8B, up 0.49% over seven days and 1.26% over thirty days. Digital dollar liquidity is expanding, but not fast enough to signal broad risk appetite. 🚦 Liquidity Regime 🟡 Neutral and selective 💧 Liquidity Score 58 / 100 📈 Market Outlook Equities: quality and earnings visibility first. Crypto: liquid leaders before speculative breadth. Dollar: still a global constraint. Bonds: high yields keep the cost of capital restrictive. Liquidity is present. Its transmission remains selective.