Global Macro Service > Research Briefings > Global

Global liquidity tighter, but no sign of a crunch

​Dollar funding costs have risen in recent months, but fears of a global liquidity crunch look wide of the mark. The rise in US interbank spreads has not been mirrored elsewhere, the associated interest rate shock looks much lower than in 2008 and other measures of dollar liquidity are not alarming. While credit expansion has slowed, our preferred money and credit measures remain consistent with decent global growth, though QE unwinding is a potential risk.

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