Markets Are At All-Time Highs… But Liquidity Says Trouble Ahead

Markets Are At All-Time Highs… But Liquidity Says Trouble Ahead

🧠 Capitalize on this bull market by tracking our PRO analysts' portfolios and live trades - just $1 for 7 days.⁠⁠⁠ [https://milkroad.com/pro/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-jun4] ~~~~~~ Michael Howell (Founder & CEO of CrossBorder Capital) joined Milk Road Macro to break down why global liquidity is slowing, why the Fed has quietly injected hundreds of billions into the financial system, and why Treasury market stress could become the most important story investors aren't paying attention to right now. The Fed isn't making announcements. There's no press conference. No "QE is back" headline. Just quiet injections. In the background. While everyone watches the stock ticker. The most important things in markets are almost always the ones happening where nobody's looking. ~~~~~~ ⁠⁠⁠⚡ Wealth is evolving, use Nexo to earn, borrow, and trade crypto all in one secure platform. ⁠⁠⁠ [http://nexo.com/milkroad] ⁠⁠⁠📱 Your carrier sells your data, switch to Cape and get 33% off your first 6 months with code MILKROAD.⁠⁠⁠ [https://out.milkroad.com/Cape2026Podcast] ⁠⁠⁠🔮 Turn your takes into trades on Kalshi: predict real-world outcomes, and get $10 free when you trade $10.⁠⁠⁠ [https://out.milkroad.com/Kalshi2026Podcast] ~~~~~~ ⁠⁠⁠⁠⁠🥛 Your Edge in Macro Investing (Newsletter). ⁠⁠⁠⁠ [https://milkroad.com/subscribe/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-jun4] ~~~~~~ 👉 Follow Milk Road Macro on Social Media: 👉 ⁠⁠⁠Milk Road X⁠⁠ [https://x.com/MilkRoadMacro] ⁠ 👉 ⁠⁠YouTube ⁠⁠ [https://www.youtube.com/@MilkRoadMacro] 👉 ⁠⁠⁠Spotify ⁠⁠ [https://open.spotify.com/show/0QRuoqgBXmSqtjtY0WDVrE]⁠ 👉 ⁠⁠⁠Apple Podcast⁠⁠⁠ [https://podcasts.apple.com/us/podcast/milk-road-macro/id1828927405] ~~~~~ 🎙 GUEST INFO 🎙 Michael Howell: https://substack.com/@capitalwars [https://substack.com/@capitalwars] Disclaimer 📋 The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses

“This Is How Every Crisis Starts” w/ Jim Bianco

🧠 Capitalize on this bull market by tracking our PRO analysts' portfolios and live trades - just $1 for 7 days.⁠⁠ [https://milkroad.com/pro/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-jun2] ~~~~~~ Markets are hitting new all-time highs. AI stocks are leading the rally. Investors are still betting on lower rates. So... what could possibly go wrong? Jim Bianco of Bianco Research joined Milk Road Macro to explain why he thinks the market might be massively underestimating one of the biggest risks in the global economy right now: energy. Jim breaks down why the Strait of Hormuz matters way more than most investors realize, how global oil inventories are getting quietly depleted, and why treating structural problems as temporary liquidity issues has been the common thread behind nearly every major financial crisis. ~~~~~~ ⁠⁠⚡ Wealth is evolving, use Nexo to earn, borrow, and trade crypto all in one secure platform. ⁠⁠ [http://nexo.com/milkroad] ⁠⁠📱 Your carrier sells your data, switch to Cape and get 33% off your first 6 months with code MILKROAD.⁠⁠ [https://out.milkroad.com/Cape2026Podcast] ⁠⁠🔮 Turn your takes into trades on Kalshi: predict real-world outcomes, and get $10 free when you trade $10.⁠⁠ [https://out.milkroad.com/Kalshi2026Podcast] ~~~~~~ ⁠⁠⁠⁠🥛 Your Edge in Macro Investing (Newsletter). ⁠⁠⁠ [https://milkroad.com/subscribe/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-jun2] ~~~~~~ 👉 Follow Milk Road Macro on Social Media: 👉 ⁠⁠Milk Road X⁠ [https://x.com/MilkRoadMacro] ⁠ 👉 ⁠YouTube ⁠ [https://www.youtube.com/@MilkRoadMacro] 👉 ⁠⁠Spotify ⁠ [https://open.spotify.com/show/0QRuoqgBXmSqtjtY0WDVrE]⁠ 👉 ⁠⁠Apple Podcast⁠⁠ [https://podcasts.apple.com/us/podcast/milk-road-macro/id1828927405] ~~~~~ 🎙 GUEST INFO 🎙 Jim Bianco X: https://x.com/biancoresearch [https://x.com/biancoresearch] Website: https://www.biancoresearch.com/ [https://www.biancoresearch.com/] Disclaimer 📋 The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses

Stocks Keep Hitting New Highs… Even As Macro Gets Worse

🧠 Capitalize on this bull market by tracking our PRO analysts' portfolios and live trades - just $1 for 7 days.⁠ [https://milkroad.com/pro/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may28] ~~~~~~ In today's episode, we break down why oil prices are falling despite the closure of the Strait of Hormuz, how the bond market is reacting to a new Federal Reserve chairman, and why tech and semiconductor stocks are pushing to unstoppable all-time highs. Tony Greer explains why he is pivoting away from the natural resources and inflation scare, why the "Sideshow" in tech doesn't care about old-school market rules, and how Nvidia continues to carry the weight of a historic equities rally. We dive deep into how a historic $4 trillion wave of upcoming tech IPOs could vacuum all the liquidity out of the room, and how the Trump administration is weaponizing domestic semiconductor investments like Intel as a matter of absolute national security. ~~~~~~ ⁠⚡ Wealth is evolving, use Nexo to earn, borrow, and trade crypto all in one secure platform. ⁠ [http://nexo.com/milkroad] ⁠📱 Your carrier sells your data, switch to Cape and get 33% off your first 6 months with code MILKROAD.⁠ [https://out.milkroad.com/Cape2026Podcast] ⁠🔮 Turn your takes into trades on Kalshi: predict real-world outcomes, and get $10 free when you trade $10.⁠ [https://out.milkroad.com/Kalshi2026Podcast] ~~~~~~ ⁠🍺 Your Edge in Macro Investing (Newsletter). ⁠ [https://milkroad.com/subscribe/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may28] ~~~~~~ 👉 Follow Milk Road Macro on Social Media: 👉 ⁠Milk Road X [https://x.com/MilkRoadMacro] ⁠ 👉 YouTube [https://www.youtube.com/@MilkRoadMacro] 👉 ⁠Spotify [https://open.spotify.com/show/0QRuoqgBXmSqtjtY0WDVrE]⁠ 👉 ⁠Apple Podcast⁠ [https://podcasts.apple.com/us/podcast/milk-road-macro/id1828927405] ~~~~~ 🎙 GUEST INFO 🎙 Tony Greer: https://x.com/TgMacro [https://x.com/TgMacro] Substack: https://tgmacro.substack.com/ [https://tgmacro.substack.com/] Disclaimer 📋 The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses

The Two Biggest Macro Forces Driving Markets Over The Next Decade w/ Michael Nicoletos

🧠 Capitalize on this bull market by tracking our PRO analysts' portfolios and live trades - just $1 for 7 days. [https://milkroad.com/pro/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may26] ~~~~~~ In today's episode, we break down why the intersection of global geopolitics and artificial intelligence is creating a massive macro realignment, how supply-side inflation is forcing central banks into structural policy mistakes, and why the global "AI race" is fundamentally tied to energy dominance.Michael Nicoletos, founder and CEO of Defy Advisors, explains why a temporary truce in the Strait of Hormuz won't stop the U.S. from leveraging control over global energy supplies to corner China, why traditional interest rate hikes fail to fix supply-side energy shocks, and why the Federal Reserve is ultimately positioned to choose rate cuts over an economic depression. ~~~~~~ ⚡ Wealth is evolving, use Nexo to earn, borrow, and trade crypto all in one secure platform. [http://nexo.com/milkroad] 📱 Your carrier sells your data, switch to Cape and get 33% off your first 6 months with code MILKROAD. [https://out.milkroad.com/Cape2026Podcast] 🔮 Turn your takes into trades on Kalshi: predict real-world outcomes, and get $10 free when you trade $10. [https://out.milkroad.com/Kalshi2026Podcast] ~~~~~~ 🍺 Your Edge in Macro Investing (Newsletter). [https://milkroad.com/subscribe/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may26] ~~~~~~ 👉 Follow Milk Road Macro on Social Media: 👉 Milk Road X [https://x.com/MilkRoadMacro] 👉 YouTube 👉 Spotify [https://open.spotify.com/show/0QRuoqgBXmSqtjtY0WDVrE] 👉 Apple Podcast [⁠https://podcasts.apple.com/us/podcast/milk-road-macro/id1828927405] ~~~~~ 🎙 GUEST INFO 🎙 Michael Nicoletos: https://x.com/mnicoletos [https://x.com/mnicoletos] Disclaimer 📋 The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses

Why 2026 Could End In A Massive Blow-Off Top w/ Andreas Steno Larsen

🧠 Capitalize on this bull market by tracking our PRO analysts' portfolios and live trades - just $1 for 7 days.⁠⁠ [https://milkroad.com/pro/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may21] ~~~~~ Andreas Steno Larsen joined us on Milk Road Macro to break down why the bond market might have entered a structural bear market. Yet at the same time, liquidity is still flooding into risk assets. And AI stocks and semiconductors keep ripping higher despite rising yields, inflation fears, and geopolitical chaos. How does that math work? That's what we get into. And the answer changes how you should think about pretty much every asset class right now. Two opposite things can be true at the same time. That's where the opportunity is hiding. ~~~~~ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⚡Wealth is evolving, use Nexo to earn, borrow, and trade crypto all in one secure platform.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [http://nexo.com/milkroad] ⁠📱Your carrier sells your data, switch to Cape and get 33% off your first 6 months with code MILKROAD.⁠ [https://out.milkroad.com/Cape2026Podcast] ~~~~~ ⁠⁠⁠⁠⁠⁠⁠⁠🥛 Your Edge in Macro Investing (Newsletter). ⁠⁠⁠⁠⁠⁠⁠⁠ [https://milkroad.com/subscribe/?utm_medium=audio&utm_source=podcast_organic_macro&utm_campaign=pod-may21] ~~~~~ ✊ Follow Milk Road Macro on Social Media: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠👉 Milk Road X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/MilkRoadMacro] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠👉 YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.youtube.com/@MilkRoadMacro%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠👉 Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://open.spotify.com/show/0QRuoqgBXmSqtjtY0WDVrE] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠👉 Apple Podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://podcasts.apple.com/us/podcast/milk-road-macro/id1828927405] ~~~~~ 🎙 GUEST INFO 🎙 Andreas Steno Larsen: https://x.com/AndreasSteno [https://x.com/AndreasSteno] 📃 Disclaimer 📃 The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses