Global Liqudity is Supportive going into the New Year

--It can not rescue financial markes single-handedly this year. But this will provide cushion to the markts --Real Rates (20y Treasury ) hit low --Monetary Growth is Still High in EuroZone. M2/GPD is is above 88% --Bank Deposits and liabilitiies increasd ~1 Tril last half of year to ~10 Tril --EM Central Banks, nearly ~1 tril, will pile into existing ~2 tril pool. They need a place to invest, either Treasury or Euro mix Bank Deposits. --Healthy fiscal Balances in major liqudi AAA treasury issuers, fiscal deficit has shranked in the past three years.