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And now to the top analysis of today's markets.

The signals are telling me that the liquidity outlook is worsening.

Welcome to this edition of StenoSignos.

We have a tremendous feed for you today with new action in the banking sector in the US.

We will go through the details of the first republic deal and we will look into whether

other banks will suffer again this week and into next week as well.

The underlying momentum for liquidity is worsening now and every month we update our so-called

macro regime indicator at StenoSignos and this month we look into a totally different

environment compared to what we were faced with in April and March.

So if we look at this regime model we basically divide the world into three main variables

of relevance to the macro outlook.

First of all the liquidity outlook, secondly the growth outlook and thirdly the inflation

outlook and currently we are faced with a scenario where we should expect the liquidity to

go down, inflation to go down and growth to go down over the course of the next 30 days according

to our forward-looking models. In this edition of StenoSignos we'll spend the most time

on assessing the liquidity outlook since it's the variable that has changed direction since April

and March. Now we expect liquidity to window over the next 30 to 60 days compared to a scenario

...