"Put into context, the drop in the Global Liquidity Index nowcast from an intra-month peak of around 90 to just above an index of 50 represents the rough equivalent a 2½% point rise in policy rates. In other words, we suspect that the 5-6 year Global Liquidity cycle has just peaked. This is not great news for risk assets." Michael Howell in yesterday's note on the blog site. @crossbordercap(𝐓𝐗𝐌𝐂)