🌊 Liquidity Update | October 24 Liquidity is not disappearing. It is becoming more selective, and the latest official plumbing data explains why. 💵 Dollar The Federal Reserve broad dollar index eased from 122.0037 on October 14 to 121.4048 on October 16. That offers modest relief to global funding conditions, but it is not yet a confirmed trend. The latest official reading is also one week old, so it belongs in the framework, not in a live market claim. 🏦 Treasury Yields On October 23, the US 2 year yield was 4.69%, the 10 year was 5.00% and the 30 year was 5.33%. The 2s10s curve stood at positive 31 basis points. A positive curve can support intermediation, but a 5% long yield still raises the return hurdle for equities, crypto and other duration sensitive assets. 🏛 Monetary Conditions For the week ended October 21, reserve balances at Federal Reserve Banks fell by $59.5 billion while the Treasury General Account rose by $68.6 billion. Reserve Bank credit was almost flat. The mechanism matters: cash moved toward the Treasury account and away from bank reserves without a broad expansion in central bank liquidity. ₿ Digital Asset Liquidity USDC in circulation was $72.0 billion on October 22. That is a substantial settlement base, but the level alone does not prove a fresh impulse into risk assets. 🚦 Liquidity Regime 🔴 Restrictive and selective 💧 Liquidity Score 38 / 100, an editorial composite of dollar pressure, yields, reserve plumbing and stablecoin capacity. 📈 Market Outlook Equities remain selective. Crypto has settlement capacity but still faces a high rate hurdle. Bonds remain restrictive for risk. The next improvement needs more than a softer dollar: it needs lower long yields or a reversal in the reserve drain. Save these four variables: dollar, long yields, bank reserves and stablecoin supply. Together they reveal whether a rally has durable liquidity behind it.