Max Castelli, head of strategy, sovereign institutions, and Phillip Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, spoke with Taylor Pearce, senior economist at OMFIF, about financial liquidity. They looked at how institutional investors have balanced liquidity needs with their pursuit of higher returns over the past decade and how these strategies are changing. They also discussed central banks' asset purchasing programmes on excess liquidity and how quantitative tightening will influence financial markets and investors, with a focus on the US Treasury market.