Is It Game Over For The ‘Liquidity Drain’ Bear Case?

Is there still anything to be said for the "liquidity drain" bear case -- other than that it didn't pan out? I'm not sure, honestly. As a quick reminder, the thesis went something like this. A combination of factors including, but not limited to, a deluge of T-bill issuance post-debt ceiling deal, would likely sap liquidity and with it, risk assets’ joie de vivre. The other factors included ongoing QT on both sides of the pond, TLTRO repayments in Europe and the resumption of student debt ser