Is Global Liquidity Peaking?
Michael Howell, founder of CrossBorder Capital, is one of the most followed global liquidity analysts. Howell's Global Liquidity Index (GLI) often tracks closely to a 65-month sine-wave cycle that has tracked liquidity conditions well since 1965. As we share below, the 65- month cycle (green) bottomed in October 2022 and peaked in August 2025, exactly where his GLI (blue) predicted it would. Also shown, the Chicago Fed National Financial Conditions index (NFCI- orange) tends to align with the cycle and the GLI. While there are many definitions of liquidity, Howell considers it the ability and…
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