Thank you for the comment. Policy measures can influence turning points, but markets had already bottomed before the March 2023 interventions. Financial conditions and global liquidity move through several channels — for example USD, real yields, credit spreads, volatility — as outlined in the article, not only through money supply or central bank balance sheets. Looking at longer time series rather than individual episodes shows that these components typically lead macro data, and markets price these shifts early. February 2016 is an example where markets bottomed without policy intervention and April 2025 is the most recent example where no policy intervention occurred, yet markets turned as conditions improved.