Stock market and macro analysis: Michael Howell from CrossBorder Capital tracks global liquidity and says we are late cycle with signs everywhere. Bond markets are weak, commodity markets are breaking out, yield curves are flattening, and speculative stocks are spiking. His key insight: money supply metrics like M1 and M2 are speeding up, but that means money is going into the real economy, not financial markets. Bitcoin and gold weakness confirms it. Copper breaking out versus precious metals is the classic late-cycle signal. He is bullish on the economy but not on stocks, and warns that a bearish flattening of the yield curve could crush banks right as they report earnings. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 00:00 Michael Howell joins: late cycle signs everywhere 00:36 ...