Tariff liquidity.

The administration confirmed plans to use tariff revenue to fund direct payments to Americans. The announcement follows recent comments that as much as $20 trillion could circulate through the economy by year's end, when including private credit and federal programs.

After a volatile week of liquidations, attention has shifted to how new liquidity will interact with record debt levels. Tariffs increase cost pressure, but redirecting those funds to consumers boosts spending. How that balance pans out will influence rates and market stability into the new year.