Financial Markets: Are Liquidity Black Swans Emerging?

This is our weekly market update, where we start in the US, cross to Europe and Asia and end in Australia, covering commodities and crypto on the way. Superficially, and to the relief of many, this past week has been a little less volatile than of late. However, below the surface, questions of liquidity and financial stability appear to be lurking. For example, about 1/4 of US debt matures in the next 12 months. The last two times we saw similar refinancing pressure; policy rates were at 0%. Today rates are 3.75% with the market pricing fewer than 2 cuts […]