Structural Analysis: Monetary Expectations and Asset Class Dispersion Date: Monday, December 1, 2025 I. Monetary Policy and Global Interbank Dynamics The Federal Reserve's observed stance remains within the established range, with the Fed Funds Rate Effective  registering 3.88%  as of the reporting date, denoting a minor +2 basis point (bps) appreciation  over the prior month [5]. This stability contrasts with the persistent forward pricing of an imminent easing cycle across

Structural Liquidity and Asset De-risking Date:  Monday, November 24, 2025 I. Global Liquidity and Interbank Funding Rates The current environment continues to reflect significant fragmentation in the cost of credit across key global jurisdictions, juxtaposed with forward expectations of monetary easing in the US. Benchmark Index Current Rate Date of Fix Jurisdiction Source Fed Funds Rate Effective 3.88% 24-Nov-25 United States [5] 1M Term SOFR 3.954% 24-Nov-25 United States

Tuesday, November 18, 2025 I. Global Liquidity Structure and The Price of Credit The Federal Reserve's primary intervention mechanism, the Fed Funds Rate Effective , registers at 3.88% , reflecting a 23 basis point (bps) decline over the one-month period [cite: 5, 13]. Market expectations, derived from the futures complex, project persistent monetary loosening through the subsequent year, with the Implied Policy Rate  falling to 3.26%  by the July 29, 2026, FOMC meeting [cite

The Illusion of Stability: Policy Rates, Credit Expansion, and the Fiat Mirage The market's persistent reliance on centrally planned monetary accommodation has driven forward rates into territory that is structurally misaligned with the economic reality of credit risk and inflationary pressure. The current environment is a predictable consequence of discretionary monetary intervention, creating a financial landscape defined by artificially low capital costs  and signaling the