This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance

and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are

your hosts, Eric Townsend and Patrick Suresna. Macrovoices episode 507 was produced on November 20th,

2025.

I'm Eric Townsend.

With everyone questioning whether the bull trend in equities is topping out,

this is a perfect time to take a deep dive on the 65-month global liquidity cycle.

So Global Liquidity Index's CEO Michael Howell returns as this week's feature interview guest.

We'll discuss the global liquidity cycle, why it has a 65-month periodicity, and where we stand

in that cycle right now. We'll also discuss why Michael thinks that the period of equity outperformance

is probably winding down and why commodities outperformance likely comes next.

Then be sure to stay tuned for our trade of the week segment right after the feature

interview when Patrick will translate Michael's outlook on interest rates to an option spread

trade on Sofer futures.

In observance of the American Thanksgiving holiday, macro voices will be released one day early

next week on Wednesday, November 26th. And I'm Patrick Suresna with the macro scoreboard week

over week as of the close of Wednesday, November 19th, 2025. The S&P 500 index down 304 basis

points trading at 6642.

The market has now finally experienced the first peak to trough 5% market correction since Liberation Day.

We'll take a closer look at that and the key technical levels to watch during the postgame segment.

The U.S. dollar index up 64 basis points, trading to 100 spot 11.

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