Three liquidity catalysts just aligned, and the market's acting exactly as you'd expect.

First up: Fed's Reserve Management Purchases are live. They're essentially pumping fresh liquidity into the system—not QE by name, but the mechanics are similar.

Meanwhile, Treasury's draining the TGA account hard. We're talking a $78 billion drop in just one week. That's the third-largest cash injection we've seen this year, flooding the financial system with dollars.

And what happens when liquidity floods in? Stocks rip. Markets just printed an all-time high close.

This isn't coincidence—it's textbook. When央行 tools activate and Treasury cash hits circulation, risk assets respond. Whether this momentum sustains depends on how long the liquidity spigot stays open, but right now, the setup's working perfectly for bulls.