Good afternoon, everyone. Welcome to the Real Vision Daily Briefing for March 25th.

I'm Tony Greer, Editor of the Morning Navigator. I'm going to be joined very shortly by Michael

Howell of Cross-Border Capital Live from Oxford in the UK, who has got a really interesting

angle on markets. First, I want to go over and sort of speed round fashion. What has gone on

this week to get everyone caught up to date? First yields are flying. US 2-year yields ran from

194 last week to close around 2.3 percent this week. Fed balance sheet ticked up this week.

Break even 5-year closes at 3.7 percent. A new high for the move. Superinflation area alongside

this commodity bananza. We were seeing Bloomberg commodity index up 5 percent this week.

Sidebar with a strong dollar. Once again, oil up 8.5 percent to 113. Natural gas up 15 percent to

55. Aluminum up 7 percent. Volting off moving average support. Gold up a couple of percent to

1950. Greens up a couple of percent working their way towards the high. The S&P up 2 percent

driven by a two and a half for tradesmen bouncing fang stocks toward their resistance levels.

The heart of the great rotation. We had the VIX fall to a low for the move at 21.

The oil and gas, E&P industrial metals all rallied over 6 percent. Home builders fell 8 percent

behind 10 percent slides in lows in Home Depot. Tech was in the middle very very mixed.

Now let's get to a little bit more deeper analysis with my man Michael Howell.

Michael, talk to me today. How you doing? All right.

It's pretty good Tony. Thanks. Good. I watched your interview with Slash Bennington, my man,

and I was really really excited and drawn into how you look at the markets are totally driven

by liquidity. Do you want to talk a little bit about how cross-border looks at the world first

and then we'll go over a couple specific questions about the markets? Sure. Yeah. I mean for us the

key thing is liquidity. We track liquidity across what is it now about 90 central banks or

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