📈Ithaca Protocol Market Update 

► Top of S&P book liquidity still < 2m$ vs 13m average; moves get exacerbated

► Much lower than expected CPI discounted due to upcoming tariffagedon ( we think, not so fast, it will be mostly level effects )

► Strong 30yr UST auction, alleviating concerns, deleveraging still ongoing in treasuries; there is value here but US exceptionalism ship has sailed and the secular trend has broken and is now in reverse 

► TGA ( US treasury’s checking account ) about to start feeling flush as tax season ends; liquidity injection always positive markets, April seasonality will show up 

► On the opposite side of the ledger; Citi equity trading strategy indicator hit overbought conditions again and another 40 days of down moves open us ( Citi trading strategy always fashionably concerned and bearish )