Michaell Howell, CEO of CrossBorder Capital, returns to Forward Guidance to update viewers on his outlook on global liquidity. Howell notes that further evidence supports his long-held view that liquidity bottomed in October 2022, and he explains why he expects liquidity to strengthen further into 2024, making for a favorable environment for liquidity-sensitive assets such as stocks, gold, and crypto. Filmed on January 11, 2024.\nPublic dot com has just launched its new high-yield cash account, offering an industry-leading 5.1% APY. Learn more at https://public.com/forwardguidance.\nA High-Yield Cash Account is a secondary brokerage account with Public Investing. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/disclosures/high-yield-account\n__\nFollow CrossBorder Capital on Twitter https://twitter.com/crossbordercap\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n__\nUse code FG10 to get 10% off Blockworks\u2019 Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london\n__\nTimestamps:\n(00:00) Introduction\n(00:57) Howell: Liquidity Conditions Continue To Strengthen From Their Lows In The Early Fall of 2022\n(12:26) Implications For Stocks, Gold, and Crypto\n(22:50) Industry Sectors At This Stage In The Liquidity Cycle\n(24:37) The Bond Market Is Being Distorted By The Federal Reserve\n(30:07) Term Premia And Convexity In Fixed-Income\n(37:07) Bank Term Funding Program and Draining of Fed's Reverse Repo (RRP) Facility\n(40:11) Drivers Of Fed Liquidity In 2024 and Beyond\n(45:50) The Economic Cycle Is Different Than The Liquidity Cycle\n(50:51) Is Demand For Refinancing (and Liquidity) Lower Because U.S. Corporates & Households Have Such Long-Duration Liabilities?\n(54:35) China and The People's Bank of China (PBOC)\n(01:06:56) Howell's View On Interest Rates\n(01:09:08) Non-Central Bank Sources of Liquidity\n__\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.