Heading into the year-end period, we're witnessing a notable uptick in global liquidity conditions. The underlying dynamics are becoming increasingly favorable: collateral quality is strengthening alongside rising collateral valuations, the Fed is actively injecting liquidity into the system, and banking sector regulations around Treasury holdings are shifting. Meanwhile, fiscal policies are flowing through in ways that mirror stealth quantitative easing mechanics. These converging factors paint a picture worth paying attention to in the current market environment.