This is further evidence that liquidity quality is deteriorating. In addition to the shortening of debt duration caused by the excessive issuance of T-bills, increased credit risk means that much of this liquidity will become non-performing loans. While events like the SVB Bank incident may not recur in the near future, an unexpected liquidity squeeze (whether due to a wave of non-performing loans at regional banks or a sudden drop in T-bills issuance) is not impossible, and this would have a severe impact on the currently highly leveraged markets. Be prepared.(BloFin Academy)