Hughes knows that with all the money spent he is expected to qualify for the Champions League, and he must dislodge one of the previous top-four elite to do it.
He said: "The Premier League is very fluid. It is too early to judge. A couple of weeks ago we were beating Arsenal and everyone was telling us they were the most vulnerable of the top four.
"Now people are saying Liverpool are the most vulnerable. Things will change, this season will see teams taking points off each other right from start to finish of the campaign.
"In the past a City team would have been delighted with scoring two at Anfield and getting a point. Now we are disappointed with that, it shows how far we have come."