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so what you've got is a sort of double whammy going on is that the collateral pull is under pressure because government bonds are selling off and the second thing is because of the uncertainty in the volatility the haircuts that replied to that pool of collateral going up as well so you've got a double effect which is pulling liquidity down so what we're seeing here is an air pocket that will last maybe weeks maybe months while the bond market adjusts to underlying pressures Michael Howell CEO of cross-border capital and author of the book Capital Wars the rise of global liquidity it is great to welcome you back on the show and great to see you again Michael thanks for coming on great pleasure Judy great to be here well I really enjoyed having you on last time and I learned a lot about the importance of liquidity and I know you helped our viewers to learn as well especially um the inflection point that you pointed out gosh it was back in February when we had you on and it was just such

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