Has global liquidity already bottomed? It ought to have massive consequences for asset allocation in case
A ๐งต
1/n
A ๐งต
1/n
We see an increasing discrepancy between the big three Western central banks and trends seen elsewhere. Asia vs. West
The BoE, the ECB, and the Fed are all still trying to bring down the balance sheet, while the BoJ and the PBoC now actively move in the opposite direction
2/n
The BoE, the ECB, and the Fed are all still trying to bring down the balance sheet, while the BoJ and the PBoC now actively move in the opposite direction
2/n
Macro pundits in the US spend COUNTLESS hours in USD liquidity forecasting and Fed watching, but as balance sheets of other big central banks have grown substantially more impactful in recent years, we obviously need to track liquidity on a global scale and not on a local.
3/n
3/n
China and Japan ARE PRINTING money currently and it is worth noting since we are talking about the second- and third biggest economies on the globe
4/n
4/n
The combination of PBoC liquidity injections, massive BoJ YCC efforts and the US Treasury drawing down on the TGA has been enough to already TURN THE TIDE on global liquidity. If global liquidity truly bottomed in Nov-22 , it ought to be massive news for asset allocation.
5/n
5/n
We are probably the only research house updating clients on GLOBAL liquidity trends on a weekly basis -> stenoresearch.com
It will only cost you 29$ a month (before VAT) to receive the liquidity projections in your inbox every week.
Best wishes
6/n
It will only cost you 29$ a month (before VAT) to receive the liquidity projections in your inbox every week.
Best wishes
6/n
Loading suggestions...