MacroVoices · Thursday, August 13, 2026
Michael Howe of Crossborder Capital states that the global liquidity cycle, a key driver of asset markets, peaked in late 2025 and is now in a downturn. He anticipates the cycle bottoming around mid-to-late 2027, which is a normal timeline for such cycles.
“essentially what that's saying is that the liquidity cycle has peaked. And by that we mean that the growth rate of liquidity is falling.”
“the cycle bottomed in late 2022. and it peaked at the end of 2025. and it's now starting to come off quite noticeably.”
“the liquidity cycle, per se, is unlikely to bottom within the next six months. It's much more likely to be a 2027 event. and if I had to venture a timeline, I would say sometime around the middle to later in 2027.”