Global M2 and central bank assets are both contracting; 2-year yield falling after re-testing multi-decade resistance line!

Liquidity is not the driver of this everything rally. Hope is. Not even massive global QE can prevent asset bubbles from bursting. See 2007-8 scenario below. Crescat new video coming out soon.

2-year yield falling after re-testing multi-decade resistance line! Happened 3 other times in history. All followed by a major bear market and recession. Be wary when credit markets price in rate-cuts at the peak of the cycle. It’s not a bullish sign!