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• The world economy is experiencing a synchronized upturn, but the main areas are already tightening monetary policy, or about to do so.
• This will reduce world liquidity and provide a headwind for equities to run higher, depending on the pace of it.
• However, the biggest risk is that US monetary conditions tighten much faster than elsewhere.
• This would put upward pressure on the dollar and reverberate throughout the world financial system causing the drying up of liquidity, as the BIS has explained.

Source: The Tide Is Turning | Seeking Alpha