Looking at the bigger picture, we're witnessing a fundamental shift in where market liquidity originates. It's no longer concentrated in a single economy anymore.

Across the globe, major economies are simultaneously loosening their monetary conditions. China has eased policy measures. Japan rolled out stimulus packages. India adjusted its financial conditions in a more accommodative direction. Even the U.S., while keeping its moves relatively quiet, has been injecting liquidity through various funding mechanisms and tools.

This coordinated backdrop of easing across multiple major economies signals something significant: abundant liquidity is flowing into the system from multiple sources at once. When policy taps turn on everywhere simultaneously, the dynamics for risk assets and capital flows shift materially.