Liquidity remains abundant, but the direction has shifted. A sharp rebuild in TGA is now draining reserves faster than ON RRP can offset, marking a clear negative liquidity impulse. This is a transition in flow — not a shift in regime.

Tax-season Treasury inflows temporarily interrupted the expected fiscal release phase. Net liquidity fell from $2.384T to $2.086T as TGA surged to $924B, delaying but not invalidating the broader abundant-liquidity regime.

Net liquidity has rebounded following post-tax fiscal flows, but the broader multi-year downtrend remains unchanged. The current move reflects tactical liquidity release within a structurally declining framework.