I just reviewed what’s happening in the global markets these days, and the situation is quite interesting. It’s not that a specific asset is having problems, but rather it seems to be a much broader liquidity squeeze affecting practically everything: cryptocurrencies, stocks, precious metals—everything is being sold off at the same time.

The curious thing is that the Federal Reserve has already tried to intervene to stabilize bank reserves, but honestly, it hasn’t done much to calm market stress. Long-term interest rates are still quite high, and financial conditions are well calibrated. It’s as if the market isn’t buying the message that everything is under control.

From my perspective, what we’re seeing is a fairly clear mechanical deleveraging. Funds are liquidating positions in global markets not because there’s a fundamental problem with each asset, but simply because they need cash. In addition, there’s a lot of uncertainty about what will happen with economic data, and that’s amplifying the move.

What I expect to see is that volatility stays high until we have clearer signals, whether from monetary policy or from macroeconomics. In the meantime, global markets will continue to be quite unpredictable. We need to keep an eye on upcoming central bank announcements.