The Global Monetary Cycle

Where do you think we are now in the global monetary cycle? Things are picking up. There will not be a major banking crisis because central banks are there trying to support things. Collateral values will go up in that environment of lower bond market volatility. And so central banks have got to get bond market volatility down. But interestingly, the authorities, not just in the US, have changed the goalposts. What they're now saying is that QT is not withdrawing liquidity. It is basically letting debt, government debt roll off central bank balance sheets.