has potentially "finished" its adjustment. Liquidity vs. 5s I Os 30 c 25 20 15 10 5 0 -5 10 20001 Fed plus fx reserves oy 20061 20121 Sato* &ocean &win LP eat Deascal• 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 Liquidity vs. 5y5y 30 7.0 • 25 Fed plus fx reserves oy --5y5y rhs I 20 6.0 I 15 5.0