US NET LIQUIDITY FALLS $78B IN A WEEK

US net liquidity, the Fed's balance sheet minus the Treasury's cash account and the reverse repo facility, fell $78.4 billion in the week to October 28 to $5.730 trillion, according to the Fed's H.4.1 release. The biggest move: the Treasury's cash account (TGA) rose $70.5 billion, draining liquidity. Over four weeks the measure is down $17.6 billion ($SPY $BTC).