- Purchase of government bonds (SBN) by households has accelerated in recent years as demand remains strong and the government leans more into this stable source of liquidity.
- Frontloaded SBN issuance this year may have constrained household liquidity, and improvement in consumer spending and bank liquidity will depend on disbursement of government spending.
- Continued decline in household savings means the government may have to look for other sources of liquidity, possibly from corporates.
