Some market reversals unfold slowly. Others erupt — preceded not by central bank guidance or CPI surprises, but by fractures in liquidity, disorder in credit, and volatility in core rate instruments.

According to Oz, what we’re seeing now is the beginning of the latter. The conditions building in April 2025 don’t resemble “normal” late-cycle volatility. Instead, they closely mirror the early stages of three recent liquidity events — 2008, 2020, and March 2023.