All of our measures of liquidity have continued to weaken over the last two months. This applies to public sector liquidity, which has now declined to ~3% (vs 16%+ growth in '16 and '17)...

... US$ liquidity is negative (vs growth of ~5%- 6% in '17) and money supply (down to 4-5% vs double-digit growth in late '17).

G5+China M2 has fallen over the last four months by over US$2 trillion. At the same time, CBs are gradually pushing up the cost of capital.