Liquidity and growth are related, but they are not interchangeable market stories. Liquidity answers who can finance risk-taking right now. Growth answers what the cash flows may look like later. Markets react differently to each. Blending them into one narrative often creates false confidence about what policy easing will or will not fix. Example: A short-term liquidity release can lift risk assets even when the medium-term earnings outlook is still deteriorating. The mistake is assuming every rally after easier policy is a growth signal. Sometimes it is just balance-sheet relief. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.