Major markets still price a macro-financial regime capable of absorbing slower growth, elevated real rates, and policy divergence without broad stress. That assumption remains intact, but its margin of safety is narrowing. The regime is STRAINED, not transitioning, with rising transition risk, high regional dispersion, and growing sensitivity to refinancing, nonbank intermediation, funding, and liquidity conditions.

A weekly assessment of U.S. Treasury liquidity, auction demand, funding conditions, dealer intermediation, and market-functioning risk, with practical implications for portfolio, treasury, and risk decision-makers.