In this episode, Michael Howell joins the show to discuss the Fed & Treasury’s hidden stimulus tapering off, why we need more liquidity in the financial system to refinance debts, and why the Fed’s QE & duration goals are unrealistic. We also delve into the dislocation between the 10-year yield and mortgage rates, what China needs to do to escape its debt deflation, global liquidity’s correlation to Bitcoin’s price, and more. Enjoy!__Follow Michael: https://x.com/crossbordercapFollow Felix: https://x.com/fejau_incFollow Forward Guidance: https://twitter.com/ForwardGuidanceFollow Blockworks: https://twitter.com/Blockworks_Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidanceForward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx—Forward Guidance Audience Survey: https://forward-guidance.beehiiv.com/forms/109bcbf7-0948-43b8-be8d-5390a5198125—Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv__Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world’s crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on Ledger.com.—Timestamps:(00:00) Introduction(00:06) Deep Dive into Bank Reserves(03:53) Fed/Treasury Pump and Dump(09:51) Global Liquidity and Debt Refinancing(16:05) Ledger Ad(16:49) Bank Reserves & Liquidity-to-Debt Ratio(20:19) Post-GFC Financial System(23:46) Repo Market Tensions(35:01) Ledger Ad(35:46) The Fed's Duration Dump and Debt Refinancing(39:25) Yield Curve Suppression and Inflation Rates(44:11) Credit Markets and Risk Appetite(50:47) China's Economic Policy and Gold Strategy(01:00:52) Bitcoin & Global Liquidity(01:07:59) Final Thoughts__Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.