A useful way to think about this: liquidity and growth are related, but they are not interchangeable market stories. What is happening: Liquidity answers who can finance risk-taking right now. Growth answers what the cash flows may look like later. Markets react differently to each. Why it matters: Blending them into one narrative often creates false confidence about what policy easing will or will not fix. In practice: A short-term liquidity release can lift risk assets even when the medium-term earnings outlook is still deteriorating. Watch for: The mistake is assuming every rally after easier policy is a growth signal. Sometimes it is just balance-sheet relief. Useful lens: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. The point is not to memorize the label. The point is to know what variable is actually doing the work.