Liquidity

A twice-weekly markets briefing decoding macro, rates, and earnings for busy operators who want signal without the Bloomberg terminal.

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What you'll get

Every Tuesday and Friday morning, one tight read on the forces moving markets: **central bank policy**, **rates and the curve**, and **earnings that actually matter**. No hot takes, no chart porn. Topics range from inflation prints and credit spreads to positioning and the next Fed meeting. Each issue takes about 5 minutes to read. I write for operators, allocators, and founders who need a clear read on the macro tape without staring at a terminal all day.

Recent issues

  1. The bond market is pricing a different recession

    While equities celebrate soft-landing headlines, the long end keeps flashing a warning. Here's what the curve is actually telling you about 2026.

  2. Earnings season is a margin story now

    Revenue growth has stalled, so the whole game is cost discipline. The companies guiding up on margins are the ones quietly winning the cycle.

  3. Why the Fed is stuck

    Sticky services inflation meets a cooling labor market. The Fed can't cut fast and can't hike either, and the market hasn't fully priced the gridlock.

  4. The operator's guide to reading the dollar

    A simple framework that changed how I track risk: watch the dollar first, everything else second. Not forex trading. Just a reliable tell.

About the author

Daniel Reyes

I spent 11 years on the buy side, most recently as a **macro PM at Northbridge Capital** (wound down 2024). Before that I traded rates and ran a global macro book at two multi-strat funds, and spent three years on a **bank's strategy desk** when the curve still made sense. Now I write, advise a few funds, and occasionally teach. Liquidity started as a Friday email to a handful of former colleagues. It found an audience.

What readers say

  • "Liquidity is the only briefing I open the minute it lands. Daniel writes like he's thinking through the trade, and it makes you sharper too."

    Priya Anand, Portfolio Manager, Cedar Lane

  • "I've forwarded the margins issue to my entire finance team. Twice."

    Tom Easton, CFO, Halcyon

  • "Short, honest, useful. I don't know how he reads the macro tape this well every week."

    Marcus Vane, Head of Treasury

Start reading Liquidity

Two briefings a week, Tuesday and Friday. No spam, no pump-and-dump, no affiliate links. Unsubscribe anytime.

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