🟢 [E1358] 42 Macro says longer the US-Israel-Iran war persists, greater the reduction in liquidity and decline in asset markets investors will experience. Dollar, currency volatility, bond volatility, and energy are countercyclical leading indicators of global liquidity.

🟢 [E128] 42 Macro says whether liquidity pullback is transitory or trending breakdown depends on POTUS, Department of War, and how much they care about midterm and 2028 elections. The longer US-Israel-Iran war persists, greater the reduction in liquidity and decline in asset markets.

🟢 [E459] 42 Macro says global liquidity down -4% on 3mo SAAR basis. Only US (2%) and China (4%) expanding. Eurozone -17%, Japan -8%, Switzerland -9%, UK -13%. Longer the US-Israel-Iran war persists, greater the reduction in liquidity and decline in asset markets.