The Fed has been making big moves—QT has officially come to an end.

Now, they're directly buying $20 billion in short-term Treasuries every month. You might not have felt it, but that early December operation was the most aggressive since the massive liquidity injection in 2020. Once this kind of thing starts, history tells us it rarely stops abruptly.

Rate cuts? The window of opportunity is actually very close.

Of course, it's worth noting that Japan raising rates is a variable. But the direction for other major economies is clear—liquidity is coming back.

After the crash on 10/11, the market really suffered from PTSD, and many people are still on edge. But if you think calmly, the turning point might be closer than you imagine. Hold on, don’t fall right before dawn.