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- Now with added high-frequency charts
- Up-to-date snapshot of the most important flows & liquidity metrics
- CB liquidity vs multiple markets
- Private vs central bank credit
- Mutual fund+ETF flows
- CB balance sheet details
- Our favourite US capital flight chart analytics
- Updated as of date above
- Valuation & positioning metrics for USTs, USD and gold
- Full replay of 28 Apr webinar
- From oil above $120 to a Fed Chair who can’t trust a “closed” investigation, short term is driven by war and whim
- But the slide towards lawlessness is structural — not just Trump, not just populists
- Investors keep wanting to assume continuity in a world where the rules themselves have become negotiable
- First 15 minutes free to view; full version only for clients with Group Webinar and One-on-one subscriptions
- Free clip from 28 Apr webinar
- From oil above $120 to a Fed Chair who can’t trust a “closed” investigation, short term is driven by war and whim
- But the slide towards lawlessness is structural — not just Trump, not just populists
- Investors keep wanting to assume continuity in a world where the rules themselves have become negotiable
- First 15 minutes free to view; full version only for clients with Group Webinar and One-on-one subscriptions
- It’s not just the fog of war
- The drivers of lawlessness are structural
- Implications for investors
- The turmoil in markets says as much about positioning as it does
about stagflationary risks or the mercuriality of President Trump
- The immediate flight into $ cash reflects the unwind of active
positions
- But beneath the surface – and gold’s dramatic fall notwithstanding –
the US’ safe-haven status is visibly fraying
- War in the Middle East is interacting with prior market vulnerabilities
- The problem lies neither with the growth outlook nor with the risk of an inflation spike
- It is that investors suddenly have multiple reasons to shift from what had already been violent risk rotation to outright risk reduction
