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

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

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