A safety net implemented by the Fed in the wake of the Silicon Valley Bank and Signature Bank failures in March 2023 has ceased operations this week. The Federal Reserve’s Bank Term Funding Program (BFTP) was designed as an emergency bulwark against the looming threat of a regional banking crisis, offering an additional, affordable liquidity source to eligible depository institutions. The cessation of this program may now raise significant concerns about the future of liquidity in financial markets, potentially altering the landscape of bullish risk sentiment that has buoyed investors in the r…