Wall Street is still popping champagne over a maybe-rate-cut

Wall Street is still popping champagne over a maybe-rate-cut, while the real show is happening backstage: liquidity. The #Feds overnight reverse repo has collapsed from a $2.3 trillion mountain to pocket change ($17.9 billion). That pile of extra money nobody wanted was parked at the Fed like a kids allowance in a piggy bank. As it drained, it quietly juiced markets like stealth #QE .

Now the piggy bank is empty, the Feds #QT party is about to hit the wall, and bank reservesstill fat at $3.2 trillionare next on the chopping block.