🟢 [E488] Howell notes Fed's expanded balance sheet is permanent due to post-GFC regulations requiring banks to hold more reserves, massive $30T US Treasury market, and reduced private sector capacity to absorb shocks.

🟢 [E121] Howell recommends defensive allocation: reduce credit and US equity exposure, favor resources/energy over tech/financials, maintain gold/silver, buy more Chinese/EM stocks, add mid-duration Treasuries.

🟢 [E401] PBoC injections fueling global liquidity 'likely impacting commodities (e.g., gold surge) more than financial assets or crypto due to cycle stage and restrictions.'

🟢 [E380] Howell himself questions his own thesis. Reports Howell noting structural necessity for large Fed balance sheet and shift from Fed QE to Treasury QE, which changes the transmission dynamics.