Global central bank liquidity is nearing its trendline, reminiscent of February 2020 when the Federal Reserve withdrew $100 billion of REPO liquidity, precipitating a financial crisis. Currently, the Federal Reserve is pulling $100 billion of BTFP liquidity from banks. The Fed's balance sheet has decreased by $66 billion last month, reaching its lowest level in over four years, although it remains approximately $3 trillion above pre-pandemic levels. The European Central Bank (ECB) has also seen a significant reduction in its total asset holdings, which have fallen by €2.36 trillion since their peak in June 2022, now totaling €6.46 trillion, accounting for 43.5% of Eurozone GDP. In a recent operation, the New York Federal Reserve accepted $286.4 billion through its overnight reverse repurchase facility, with 50 counterparties participating. This marked a decrease from the prior total of $331.7 billion, with the reverse repo operation dropping by $46 billion overnight.