The U.S. Treasury's TGA has seen a significant decline for the first time, and market liquidity is expected to ease

Latest data shows that the U.S. Treasury General Account (TGA) has experienced a significant decline for the first time: Treasury cash decreased from $959 billion by $34 billion to $925 billion.

JPMorgan traders believe that pressure in the repurchase market is the main reason for this month's stock market reversal. Due to the combined effects of government shutdown, the increase in the Treasury General Account (TGA), and quantitative tightening (QT), the U.S. Treasury had previously absorbed a large amount of capital, leading to a deterioration in cash accessibility within the financial system.

Now, the U.S. Treasury is beginning to release funds, and market liquidity is expected to improve. (Wall Street Journal)