Global liquidity (via the G5 credit impulse + US fiscal impulses) has eroded significantly over the last year
*Via the recent Chicago Fed NFCI (Aka liquidity index), US liquidity is drying up very quickly Note that >0 = tighter(vice versa) 2/3 major sub-indexes (credit + risk) have tightened sharply lately amid Fed taper + tightening Thus an illiquidity …
