PUBLIC · A dashboard for the liquidity regime

The regime is visible in the plumbing

Liquidity is not one number. Funding, depth and volatility are moving together, while dealer balance sheets remain selective.

A market can rally while its ability to absorb the next shock is still deteriorating.

What is on the screen

• Treasury market depth and intraday rate volatility.

• Cross-currency basis and the cost of dollar funding.

• Credit dispersion rather than the headline index spread.

Decision sequence

1. Check whether the rates move is real-yield led.

2. Confirm the signal in funding and dealer inventories.

3. Size risk only after cross-asset confirmation.