{"version":"1.0","provider_name":"Alpine Macro","provider_url":"https:\/\/alpinemacro.com\/fr\/","title":"Liquidity Dependence And Quantitative Tightening","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"eAtvjpzJe9\"><a href=\"https:\/\/alpinemacro.com\/fr\/research\/liquidity-dependence-and-quantitative-tightening\/\">Liquidity Dependence And Quantitative Tightening<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/alpinemacro.com\/fr\/research\/liquidity-dependence-and-quantitative-tightening\/embed\/#?secret=eAtvjpzJe9\" width=\"600\" height=\"338\" title=\"\u00ab\u00a0Liquidity Dependence And Quantitative Tightening\u00a0\u00bb &#8212; Alpine Macro\" data-secret=\"eAtvjpzJe9\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/alpinemacro.com\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/alpinemacro.com\/wp-content\/uploads\/2022\/09\/liquidity-dependence.jpg","thumbnail_width":687,"thumbnail_height":898,"description":"Investors are transfixed by the Fed\u2019s balance sheet runoff, which ramps up this month. In this special report, we conclude that QT will indeed tighten monetary conditions apart from Fed rate hikes. The change in reserves matters as much as the level. However, the impact on markets will flow from liquidity effects rather than a Treasury market blood bath. A funding liquidity credit crunch can occur even with plentiful bank reserves. \u201cLiquidity dominance\u201d effects could make it difficult to wean the financial system off abundant bank reserves."}