Dollar liquidity (or a prospective lack thereof) is an important theme in 2018 as the Fed proceeds apace with gradual rate hikes and the policy divergence between the U.S. and the rest of the world widens in favor of the greenback.
One of the more interesting dynamics in the back half of 2017 and for the first couple of months in the new year, was the extent to which the dollar stubbornly refused to respond to a USD-bullish trend in the UST-bund spread. Dollar weakness was generally attributed to two things: the idea that U.S. trade policy telegraphed the Trump administration's desire for a weaker currency and worries about a deterioration in the U.S. fiscal position. Finally, starting in late April, the greenback began to climb with a continued widening in the spread between U.S. and German yields.
The first quarter of 2018 was defined by a technical dollar funding squeeze and a liquidity drain catalyzed by three key drivers (this is Goldman's list, but there's a general consensus on this across markets):
The change to the tax treatment of foreign earnings from US companies;
Changes to the Base Erosion and Anti-Abuse tax (i.e., BEAT);
The surge in T-bill issuance
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