One word: Liquidity. The Desk primed ~$40B/month in T-bill RMPs starting Dec 12. Elevated into April. Seasonal fade after. This is how macro regimes shift: quietly, mechanically… and then all at once.(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)