Global Liquidity, Debt, and the Four Horsemen
From Global Macro Update by Mauldin Economics
March 27, 2026 · 45 min
About this episode
Michael Howell discusses the impact of global liquidity and debt on the investment landscape.
Michael Howell of GL Indexes and Capital Wars joins Ed D'Agostino to explain how global liquidity is being drained by four converging forces—central bank tightening, surging oil, a rising dollar, and spiking bond volatility—just as a massive wall of COVID-era debt comes due for refinancing. He makes the case that the bull market is likely over, the traditional 60/40 portfolio is breaking down, and where investors should be looking.
People in this episode
Host: Ed D'Agostino
Guest: Michael Howell
Topics covered
- global liquidity
- debt
- central bank tightening
- investing strategies
- market volatility
Keywords
- global liquidity
- debt refinancing
- central bank tightening
- oil prices
- bond volatility
Mentioned in this episode
Organizations: GL Indexes, Capital Wars
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