If you only focus on USD liquidity (what many people think of as Fed rate hikes or cuts), how many opportunities would you miss and how many pitfalls would you step into? Whether it's rate hikes or cuts, we've seen both massive surges and crashes... and even clear trends of rising or falling. What really matters is understanding where the market is positioned. Let me give an example: The ocean has plenty of water, but that doesn't stop certain areas from experiencing droughts or floods. The key is where that area is located and what season it's in.