The David Lin Report · Monday, June 29, 2026
Michael Howell, founder of GLI Indexes, warns that global liquidity is tightening, which he describes as a 'wrecking ball' for financial markets. He notes that while absolute dollar terms of liquidity aren't falling, the slowing rate of growth is significant for asset prices.
“Global liquidity is about to get even tighter still, and it's about to be a wrecking ball for markets to come.”
“But broadly speaking, I mean, what we're seeing is liquidity having peaked in late 2025. And liquidity has been slowing down.”
“And that really matters in markets because liquidity is the marginal price of assets.”