The Speculation Phase Begins | Michael Howell on Liquidity Cycle, China, Fiscal Dominance, and Dollar Weakening

Listen to this episode from Monetary Matters with Jack Farley on Spotify. This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez