A Liquidity Masterclass: Preparing For A Credit Cycle Downturn | Darius Dale
Inflection Point
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The Inflection in the Liquidity Cycle
The number one signal on my screen, and I'm sure you guys would agree with as well, which is what appears to be this sort of inflection in the liquidity cycle. However, if you would subtract the emergency lending programs, which must be paid back and are collateralized, which means the money is kind of floating around the financial sector like QE would be, it really actually has not risen. And in fact, it's actually still continuing to trend lower. So I'd be very cautious to your viewers about sort of extrapolating some of these metrics that I even myself have made up into a fresh bull market for risk assets.
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