Global Liquidity Still Has Room To Run, But Not For Long
Global liquidity has been the decisive macro variable in 2025, and should stay broadly supportive through most of 2026. We therefore stay neutral equities versus bonds (valuations are stretched), keep a positive bias toward metals (especially gold), and prefer European and Japanese equities over US ones. The key risk is a late-2026 volatility regime shift as overheating fears force a repricing in rates.
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BCA Research | European Investment Strategy
BCA’s flagship global macro and investment strategy platform, helping investors anticipate regime shifts, connect signals across regions and asset classes, and navigate the world’s most difficult macro questions.
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