Macro Voices Episode 507 features an interview with Michael Howell, CEO of Global Liquidity Indices, discussing the global liquidity cycle and its impact on financial markets. Howell explains the 65-month periodicity of the cycle, its relation to debt refinancing, and its current inflection point, suggesting a potential shift from equity outperformance to commodities. He also touches on the implications of Fed and Treasury policies, repo market tensions, and the dynamics between the U.S. and China in the context of currency wars, stablecoins, and gold accumulation. The conversation also covers potential investment strategies based on the liquidity cycle, the outlook for commodity and mining stocks, and the future of the monetary system. Patrick Ceresna then provides a trade of the week based on Howell's insights, focusing on SOFR futures, followed by a market analysis covering equities, the U.S. dollar, oil, gold, uranium, and Treasury yields.
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