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A comprehensive discussion with Jay Shambaugh, former Treasury official, examining China's economic challenges, US trade policy, and the potential impacts of tariffs on global economic dynamics.
Michael Howell discusses the Federal Reserve's decision to stop quantitative tightening, predicting inevitable balance sheet expansion in 2026 while warning that the proposed liquidity injections are insufficient to address underlying market tensions and debt refinancing challenges.
Michael Howell discusses the growing divergence in global liquidity between the Federal Reserve's tightening and the People's Bank of China's stimulus, warning that the declining Fed liquidity could signal challenges for financial markets in 2026.
Michael Howell discusses the deteriorating global liquidity cycle, highlighting a divergence between the Federal Reserve's tightening and the People's Bank of China's stimulus, with concerns that 2026 may not be a great year for financial assets.