Liquidity Dashboard
Macro Research
Notes on global liquidity, central banks and markets, with a weekly note on what our Global Liquidity Index is doing. The first two paragraphs of every post are free; Pro members read the rest.
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The Inevitable Growth of the State and Money Supply
Demand for capital hasn't been this high in decades, and various factors suggest it will continue far into the future.
Possible AI Crash? No, Not Any Time Soon
The current AI buildout is increasingly fuelled by debt and financial leverage, a trend highlighted by Anthropic’s S1 filing and forecasts for accelerating corporate borrowing.
Outlook for 2027
The outlook for 2027 remains somewhat uncertain, but judging by current financial conditions, the trajectory is becoming clearer.