In the financial market context, the word ‘liquidity’ is three very distinct things: overused, misunderstood and crucially important. In the latest edition of The End Game, CrossBorder Capital’s Michael Howell joins Bill and Grant to shed some light on those three key factors, explaining how he views liquidity, why it’s so crucial and what he’s observing in global liquidity flows at the present time as well as outlining the similarities between today and previous episodes where liquidity flows offered key clues to the future path of risk asset prices. The importance of China’s policy actions are explained as is the recent turbulence in the reverse repo market plus, when Michael explains how global capital markets have shifted away from being a financing mechanism to something altogether different, Bill has an ‘aha moment’. This is yet another tremendous conversation as the search for The End Game continues. As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!