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Capital Wars

Michael Howell, Noelle Acheson
Thousands of paid subscribers

Global Liquidity Insights

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Issues478Founded3 years agoLast Issue4 days ago
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Latest Issues

AAA Rated: Bonds and the Hidden Architecture of Modern Finance

The Latest Warning From Bond Yields

Something is creaking in the machinery of modern finance. Tensions are building in global bond markets, and because so much of the financial system rests upon them, the stakes could hardly be higher....

4 days ago
101
12

Global Liquidity Watch: Weekly Update

Liquidity Continues to Flat-line

Latest data confirm the trends we have been reporting for some time. Global liquidity levels are high underpinned by benign funding conditions, but underlying liquidity creation has stalled. Risk assets hav...

5 days ago
39
6
Paid

Bonds, Bessent and Bedlam

What Is Really Driving Treasury Yields?

The recent rise in US Treasury yields is not evidence of a loss of confidence in US government debt, nor proof that the Treasury has attempted and failed to impose yield curve control. A more persuas...

7 days ago
65
28
Paid

Global Liquidity Check

Quick Data Update

The surges in gold and Bitcoin over recent days have excited investors. We retain our long-term bullishness towards these assets as long-term monetary inflation hedges. Nonetheless, the cycle is also important, and althou...

8 days ago
50
10
Paid

Bills Are The Pills

The Market Misreads Warsh And Bessent

Markets may be focusing on the wrong transmission mechanism. A Warsh-led Fed does not need to cut Fed funds to loosen US monetary conditions. It can hold the policy rate steady while Treasury bill issu...

10 days ago
75
38
Paid

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Authors

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  • Michael Howell

    Dr Michael J. Howell has worked in finance for over 30 years. Formerly Research Director at Salomon Bros where he developed the concept of 'Global Liquidity'. He is author of 'Investing in Emerging Markets' (1995) and 'Capital Wars' (2020).

  • Noelle Acheson

    Crypto + Macro: Former MD Research for CoinDesk + Head of Market Insights for Genesis Trading, prev tradfi and ecommerce entrepreneur. I've been writing crypto/macro newsletters for the past 11yrs now, and it just keeps getting more interesting.

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