Is It Enough? Michael Howell on Money Market Turbulence, Standing Repo Facility, and Why Fed Balance Sheet Expansion Is Inevitable

Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters With the Federal Reserve announcing the end of Quantitative Tightening (QT) on December 1st, Jack welcomes Michael Howell of GL Indexes and the Capital Wars Substack back to share an update on his measure of Fed liquidity and his outlook for 2026. Howell explains why Fed balance sheet expansion is inevitable. Recorded on November 6, 2025. Pieces discussed: “The Return Of ‘Not-QE, QE’ (Part 1),” October 31, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-1 “The Return Of ‘Not-QE, QE’ (Part 2),” November 1, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-2 “Global Liquidity Watch: Weekly Update,” November 4, 2025: https://capitalwars.substack.com/p/global-liquidity-watch-weekly-update-c8e Also: “Scrambled Eggs, The Fed’s Latest Policy Directive: ‘FSSF-Off,’” November 9, 2025: https://capitalwars.substack.com/p/scrambled-eggs Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez