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.

A fiscal-driven liquidity rebound has stabilized conditions within the US liquidity regime, but the underlying structure remains unchanged. This is a temporary release following tax-driven tightening, not a transition into a new liquidity cycle.

Liquidity remains abundant but is being redistributed through Treasury cash rebuilding. This week’s EGLRM-14 confirms ongoing re-calibration, not systemic tightening.

This week’s H.4.1 report shows a modest improvement in system liquidity. Bank reserves increased while ON RRP continued to decline, partially offset by a moderate rise in the Treasury General Account. Market behavior continues to reflect volatility repricing and positioning adjustments rather than liquidity contraction.