A massive liquidity wave is hitting markets. Copper has now reached 12k/mt, one of the strongest performing hard assets of 2025.
Market liquidity is surging: The Treasury General Account (TGA) dropped -$78 billion over the last week, the largest liquidity injection since June. The TGA is the US government’s main cash account at the Federal Reserve, and when it declines, cash flows directly into the financial system and boosts liquidity. This marks the 4th-largest weekly drop …