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Podcast: Monetary Matters with Jack Farley
Episode: Michael Howell: Markets On “Nervous Knife-Edge Equilibrium" As Global Liquidity Momentum Has Peaked
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In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the...