Central banks are shifting course.
Net 3-month global liquidity flow is rising rapidly — marking the strongest surge in a long time. Most central banks are quietly but aggressively injecting liquidity.
• As we know: Liquidity comes first → then price action follows.
• Prices haven’t fully reacted yet, but that could change quickly, especially with ongoing tariff tensions. Many assets are already showing signs of a rebound.
• One central bank pulling back isn’t a problem — as long as another steps in to offset the balance.
That’s why it’s crucial to monitor not just the Fed, but all major central banks.
