The Bull Market Will Continue Into 2025 As Liquidity Heads Higher | Michael Howell

In this episode, Michael Howell of CrossBorder Capital joins the show to discuss the uptrend in global liquidity, a possible Shanghai Accord 2 to weaken the dollar, and the relationship between debt and liquidity. We also discuss the real breakeven inflation rate, the yield curve, and why you need monetary inflation hedges. Enjoy! -- Follow Michael Howell: https://x.com/crossbordercap Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:18) Powell's Jackson Hole Speech (04:20) Uptrend In Global Liquidity (05:53) Global Risk Exposure (12:10) A New Shanghai Accord (18:44) Mantra Ad (19:24) Mechanics Of Yen Intervention (22:01) The Treasury Market (30:20) Breakeven Inflation Rates (32:56) Debt-To-Liquidity Ratio (35:52) Permissionless Ad (36:33) US Public Debt (40:14) Monetary Inflation Hedges (43:11) Managing Bill Issuance (47:03) Bull Vs Bear Steepener (48:50) The Structure Of Global Liquidity (50:08) The MOVE Index (53:49) Treasury Buybacks (55:06) Real Interest Rates (56:38) Equity Market & PBOC Liquidity (59:37) More Upside In Gold & BTC -- Disclaimer: Nothing discussed on On The Margin 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.