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Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Inverse Relationship Between Liquidity and Credit Growth
One of the key drivers of liquidity is slowing a real economy. How does a real economy that's slowing release liquidity? You think of liquidity going up as bank lending goes up. We had a huge surge in bank lending in 2022. But liquidity actually fell as bank lending exploded in 2022. The old adage is that strong economies don't always have strong financial markets. In actual fact, it's often the reverse. And part of the reason for that is that there's a release of liquidity around the trough of the economic cycle or just prior to the trough of this one.
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