LIQUIDITY TALK. SOME WORDS OF WISDOM AMID THE BOND ROUT
[Latest Global Dollar Liquidity Measure: +14.5% annual growth rate; latest Endogenous Liquidity Index: +6.1%]

It pays to read Jim Griffin (here) and Bank Credit Analyst (here and here). The message, in a nutshell: the yield curve is normalizing. Big deal. (OK: it happened a bit faster than usual). Meanwhile, the VIX is taking a toll on our Endogenous Liquidity Index. Spreads are rising a bit, but they remain very tight. The platinum/gold ratio trades at 2 again (strong global economy). What, me worry?