Sign up to save your podcasts
Or
Share The Liquidity Divergence Between East and West | Michael Howell on Deteriorating Federal Liquidity While People’s Bank of China (PBOC) Injects Stimulus and Pumps Gold
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
The Liquidity Divergence Between East and West | Michael Howell on Deteriorating Federal Liquidity While People’s Bank of China (PBOC) Injects Stimulus and Pumps Gold
Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters
Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025.
Follow Michael Howell on Twitter https://x.com/crossbordercap
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
View all episodes
By Jack Farley
4.9
138138 ratings
Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters
Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025.
Follow Michael Howell on Twitter https://x.com/crossbordercap
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
More shows like Monetary Matters with Jack Farley
View all
Macro Voices
3,070 Listeners
Top Traders Unplugged
589 Listeners
The Meb Faber Show - Better Investing
938 Listeners
Hidden Forces
1,436 Listeners
Hedgeye Podcasts
200 Listeners
The Market Huddle
363 Listeners
Excess Returns
89 Listeners
Macro Hive Conversations With Bilal Hafeez
102 Listeners
The Grant Williams Podcast
1,342 Listeners
Wealthion - Be Financially Resilient
373 Listeners
On The Tape with Danny Moses
163 Listeners
Forward Guidance
270 Listeners
The Macro Trading Floor
220 Listeners
Thoughtful Money with Adam Taggart
411 Listeners
The Julia La Roche Show
63 Listeners