MacroPass™: Michael Howell's Liquidity Outlook for 2025

Investors should prepare for a much more lackluster year in the markets

This week’s installment of our popular MacroPass™ service for premium members of this Substack comes from liquidity expert Michael Howell whom I interviewed on Thoughtful Money on Thursday.

It’s recent report from Michael detailing Crossborder Capital’s outlook for global liquidity in 2025.

Liquidity flows have possibly been THE most material factor driving financial asset prices higher from the 2022 lows.

Michael and the team at Crossborder Capital estimate that, while liquidity should continue to expand until peaking later this year, the markets will likely perform much more poorly than they have in recent years.

Why?

And what will that mean for investors?

As a reminder, MacroPass™ is a weekly rotating selection of premium analysis from many of the big thinkers interviewed on Thoughtful Money.

To-date that list of contributors includes experts like Lacy Hunt (Hoisington), Stephanie Pomboy (Macro Mavens), Danielle DiMartino Booth (QI Research), Tom McClellan, Michael Howell (Capital Wars), Darius Dale (42 Macro), Doomberg, Ted Oakley (Oxbow Advisors), Kevin Muir (The Macro Tourist), Alf Peccatiello (The Macro Compass), Lance Lambert (ResiClub), Ed Yardini (Yardini Research), David Hay (Haymaker), Melody Wright (M3_Melody), David Stockman (Contra Corner), David Brady (FIPEST Report), John Rubino, Adam Kobeissi (The Kobeissi Letter), Sven Henrich (Northman Trader), Jeff Clark (The Gold Advisor), Charles Hugh Smith, Steven Bavaria (Inside the Income Factory®), Chris Whalen (The Institutional Risk Analyst), Felix Zulauf, Jesse Felder (The Felder Report) and Brent Johnson (Macro Alchemist).

Recent MacroPass™ reports in this series include:

• Darius Dale's forecast for DOGE + full interview slides

• Ted Oakley's Q1 2025 Market Outlook

• Jesse Felder on the vulnerability of today's stock prices

• More on Felix Zulauf's outlook for 2025

• Brent Johnson on the Yen carry trade

• David Hay's top investment rankings

If you’re already a premium subscriber to this Substack, just continue below to access Michael’s entire presentation.

But if you’re not (yet), read the start of it below and consider upgrading to premium and access the full version, as well as all past and future MacroPass™ content.

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You can access Michael’s full report by clicking on the below button: