Liquidity in the $27 trillion U.S. Treasury market has returned to levels seen before the Federal Reserve's tightening measures, according to the New York Federal Reserve. However, Bloomberg’s index indicates that trading conditions are worse than during the March 2020 market turmoil. The discrepancy between these assessments raises questions about the current state of market liquidity, which is described as 'fine but fragile.' Additionally, short-dated Treasury yields have fallen, nearing their lowest levels of the year, as the likelihood of another half-point interest-rate cut by the Federal Reserve next month increases. Researchers from the New York Fed also noted that the final day of each month has become the busiest trading session for U.S. Treasuries.