The deterioration in risk appetite is linked to an increasing liquidity shortage in the market. The spread between the SOFR and the Federal Funds Rate has surged to +26 basis points for the first time since March 2020. The U.S. government shutdown has caused a significant cutback in budget spending, while tax collection and Treasury issuance continue as normal. This combination of factors has resulted in a substantial withdrawal of liquidity from the financial system.

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