New Report: Running Out of Dollars?

by Michael J. Howell3. June 2014 20:37
US Tapering, Chinese Tightening and Japanese and European 'Torporing' are squeezing Global Liquidity. On top, the narrowing US foreign deficit is shutting off even this depleted flow from moving overseas. We argue that liquidity risks are rising, possibly magnified by shadow banks, and certainly reflected in collapsing bond risk premia this year. Bottom line, a strong dollar means less Global Liqudiity and greater market risks.


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