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The U.S. Treasury's TGA has seen a significant 下行 for the first time, and market liquidity is expected to ease.
On November 19, the latest data shows that the U.S. Treasury General Account (TGA) has experienced a significant downtrend for the first time: Treasury cash decreased by $34 billion from $959 billion to $925 billion. Traders at JPMorgan believe that the pressure in the repo market is the main reason for the stock market reversal this month. Due to the combined effects of the government shutdown, the increase in the Treasury General Account (TGA), and quantitative tightening (QT), the U.S. Treasury had previously absorbed a large amount of capital, leading to a deterioration in cash accessibility within the financial system. Now, the U.S. Treasury is beginning to release funds, and the market liquidity situation is expected to improve. (Wall Street Insight)