GM69: The Global Economy from a Liquidity Perspective ft. Michael Howell
发布时间 2024-09-04 13:00:00 来源
摘要
Michael Howell, Managing Director of Crossborder Capital and Author of the Capital Wars Substack, returns in this episode to speak with Alan Dunne about the liquidity cycle’s influence on global markets. Michael outlines how he sees rising liquidity growth providing a favourable backdrop for risky assets and that the conventional narrative that the Fed has been tightening liquidity via quantitative tightening is misplaced. They discuss how the requirement to refinance $70 trillion in debt every year, and the prospect of double digit growth in debt, will inevitably lead to monetary inflation with profound implications for assets like gold and equities. In contrast, although tactical duration issuance by the US Treasury has supported US Treasuries the longer term outlook is less favourable. The conversation also touches on global FX markets, the recent unwinding of the JPY carry trade, and Michael’s perspective on a possible tacit agreement to weaken the US dollar, which could have far-reaching consequences for liquidity and asset markets.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to [email protected] please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Michael on LinkedIn.Episode TimeStamps: 02:12 - Introduction to Michael Howell03:15 - Howell's framework for looking at markets06:32 - How Asian central banks impact U.S equities09:17 - Do different types of liquidity have different effects?12:17 - The last 15 years from a liquidity...
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