gosun (gosun)

1. **The Macro Tap Remains Open:** With Fed Reserves at **$3.12T** (well above the $2.80T liquidity stress threshold) and Net Liquidity reaching **$3.56T**, systemic funding conditions remain fully expansionary.

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2. **The Sovereign Yield Friction:** The US 10-Year yield breaking up to **4.80%** (+8 bps) warrants close monitoring as a cross-asset valuation drag. However, the curve steepening (**2Y-10Y at +0.40%**) combined with a weakened US Dollar (**DXY 98.77**) confirms a growth-reflation posture rather than a credit-contraction shock.

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2Y-10Y Yield Spread +0.40% 🟢 STEEPENING Disinversion / Reflation VIX Index 15.71 (+8.2%) 🟢 NEUTRAL Complacency shifting to normal ======================================================================================== ```

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