Lesson 1

Defining Liquidity (Howell's Framework)

Liquidity is the most important concept for understanding markets, yet it's constantly misunderstood.

Lesson 2

The Money Supply Hierarchy

Not all 'money' is created equal.

Lesson 3

Fed Balance Sheet Mechanics

The Fed's balance sheet is the foundation of US dollar liquidity.

Lesson 4

The TGA (WTREGEN) & RRP (RRPONTSYD): Liquidity Sinks

TGA (WTREGEN) and RRP (RRPONTSYD) are the two 'liquidity sinks' that determine how much of the Fed's balance sheet is actually available to markets.

Lesson 5

Global Liquidity

Markets are global.