From a long-term perspective, the following chart shows our Global Liquidity Index (GLI). This index is standardized within the range of 0-100, reflecting both growth rates and deviations from the 'normal', making it more like an indicator of liquidity momentum. GLI covers 90 economies worldwide and is calculated based on the weight of the US dollar. In addition, we have overlaid a sine wave of 65 months in the graph. Previous studies have shown that the debt refinancing cycle can effectively explain this cyclical volatility. Global liquidity follows a 5-6 year (65 month) cycle, as concluded through Fourier analysis and consistent with the global average debt maturity time. In other words, this cycle is actually the rhythm of debt refinancing. As mentioned in our previous report, http://Cycles.org Lars von Thienen's independent study confirmed this finding and identified another 76 month (6.3 year) cycle.