by Michael J. Howell13. May 2014 17:15The Global Liquidity Cycle continues to slip lower according to our latest GLI estimates. End-April 2014 data show a move down to 45.8 from 52.8 ('normal' range 0-100). Global Liquidity is therefore below trend and decelerating. Risks are rising. Typically, market volatility tends to pick up within six months. The causes are widely-spread: Central Bank liquidity injections tightened again to 33.4 in April, with almost two-thirds of policy-makers by number now running 'tight' quantity policies. The most active of the key Central Banks withdrawing net stimulus last month were the US, Japan and China.