Here's something Goldman Sachs is highlighting that most traders overlook—when it comes to Trump-era quantitative easing, the quality of market signals matters far more than raw cash flows.

Think about it. Everyone obsesses over how much money's actually flowing into the system. But according to Goldman's latest take, the real move is decoding *what* those flows are signaling about future monetary policy direction.

This distinction cuts to the heart of why some asset classes rally while others stagnate, even during similar liquidity regimes. When QE cycles kick in, institutional players aren't just watching the Fed's balance sheet numbers—they're parsing the underlying message. Is this genuine stimulus, or temporary market management? Are rate cuts coming faster? What's the inflation trajectory telling us?

For crypto markets, this framework is crucial. Digital assets are hyperresponsive to policy signals, sometimes moving before traditional markets even register the shift. The signal-first approach suggests traders should focus less on headline stimulus amounts and more on central bank communications, forward guidance shifts, and what policymakers are actually *signaling* about economic priorities.

Goldman's point: in a Trump administration doubling down on fiscal stimulus, distinguishing between noise and genuine policy signals becomes your edge. The flow of liquidity follows the signal—not the other way around.