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US TSYS: J.P.Morgan Attribute Some Of Monday Rally To Seasonal Liquidity Dip

US TSYS
USBulletMarketsFixed Income BulletsNorth America

When it comes to yesterday’s rally in Tsys, J.P.Morgan suggest that “while the Bessent nomination kicked off the rally, we do not think it can explain the whole move, and at least some of this can be explained by shifts in liquidity conditions in a holiday-shortened week.”

  • They go on to note that “market depth has rebounded modestly over the last two weeks coming out of the presidential election, but it remains 30% below its 1-year average. We attribute much of this to seasonality: on average over the last decade, November has been the third weakest month for market depth, with only December and August faring worse, most of this decline tends to occur closer to Thanksgiving.”
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When it comes to yesterday’s rally in Tsys, J.P.Morgan suggest that “while the Bessent nomination kicked off the rally, we do not think it can explain the whole move, and at least some of this can be explained by shifts in liquidity conditions in a holiday-shortened week.”

  • They go on to note that “market depth has rebounded modestly over the last two weeks coming out of the presidential election, but it remains 30% below its 1-year average. We attribute much of this to seasonality: on average over the last decade, November has been the third weakest month for market depth, with only December and August faring worse, most of this decline tends to occur closer to Thanksgiving.”