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![front page of flows & liquidity analytics](https://satoriinsights.com/wp-content/uploads/flows-liquidity-screenshot.png)
- 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
![Did someone pull the plug presentation cover](https://satoriinsights.com/wp-content/uploads/did-someone-pull-the-plug-cover.png)
- Recent softness in risk is not just the fault of France
- The underlying drivers of the rally have been faltering
- The outlook for H2 just darkened considerably
![presentation cover page](https://satoriinsights.com/wp-content/uploads/2024/04/presentation-screenshot-benign-1024x572.png)
- Financial conditions have eased to the same levels as 2007
- This comes in spite of central banks thinking they are running restrictive policy
- The nature and timing of the market moves suggest these not so much reflect or anticipate the strength of the economy as drive it
- Their ultimate cause is easy balance sheet policy having crowded investors into risk
- Misunderstanding of these dynamics increases the likelihood of bubbles and subsequent busts
![presentation cover page](https://satoriinsights.com/wp-content/uploads/2024/04/presentation-screenshot-benign-1024x572.png)
- Financial conditions have eased to the same levels as 2007
- This comes in spite of central banks thinking they are running restrictive policy
- The nature and timing of the market moves suggest these not so much reflect or anticipate the strength of the economy as drive it
- Their ultimate cause is easy balance sheet policy having crowded investors into risk
- Misunderstanding of these dynamics increases the likelihood of bubbles and subsequent busts
![global credit impulse private vs central bank](https://satoriinsights.com/wp-content/uploads/2024/01/cbs-dominate-credit-impulse-1024x974.png)
- The remarkable performance of risk assets in 2023 is not primarily due to the growing likelihood of a soft landing
- It instead reflects markets being buffeted by extraordinary amounts of central bank liquidity
- For now, those technicals remain positive, but beyond Q1 they should fade or reverse
- Underlying momentum in growth, earnings and inflation – beyond sticky supply-side effects – is significantly weaker
![spx vs fed reserves 4wk chg](https://satoriinsights.com/wp-content/uploads/2023/11/spx-vs-reserves-27-nov-1024x975.png)
- The rally does not reflect the likelihood of a soft landing
- It is the direct consequence of a surge in Fed liquidity
- Widespread misunderstanding of these dynamics increases the likelihood of more rate rises and a harder landing later
![the yield is not enough satori insights](https://satoriinsights.com/wp-content/uploads/2023/10/thie-yield-is-not-enough-screenshot-oct-1024x578.png)
- It’s not just a stronger economy
- Nor even those long and variable lags
- It’s that markets are being driven by money flows and not rate levels