Analysts point out that over the next month, the factor that could influence global financial markets more than the Federal Reserve's interest rate decision is global liquidity. Markets are trading on expectations for the future and are waiting for evidence from economic data, corporate earnings, and signals from central banks to test those expectations. Liquidity in the current financial system is not determined solely by interest rates, but also depends on the size of the Fed's balance sheet, the amount of reserves in the banking system, US Treasury bond issuance, and flows in short-term money markets. A key variable that institutional investors monitor is the Treasury General Account, or TGA, whose balance has increased significantly while funds in the Reverse Repo Facility have declined, reflecting shifts in liquidity flows within the US financial system. For Thai investors, changes in global liquidity are no less important than the domestic economic outlook, because cross-border capital flows continue to dictate the direction of the Thai baht, the bond market, and the Thai stock market.