One important factor that is ubiquitous across all four asset classes is liquidity. Here, Jamie McDonald breaks down relative liquidity in fixed income markets by explaining just how much larger and more liquid some of these markets are than others. McDonald focuses on the world of government bonds and short-term interest rate products that dominate fixed income market liquidity. This relative liquidity metric is a great proxy for systematic importance, and keeping track of this data can help improve your understanding of what moves in individual markets might mean for other asset classes. So even if you aren't trading in the fixed income market, you can still track their movements as economic and market indicators.