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:   / onthemarginpod   On The Margin Newsletter: https://blockworks.co/newsletter/onth... -- 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/permissio... -- 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.