Morning Briefing 2019-01-15

(1) An ugly scenario much loved by the bears. (2) From QE to QT. (3) Is it all about central bank liquidity? (4) Is the ebb and flow of liquidity like looking in the rear-view mirror? (5) International reserves aren’t growing. (6) Other measures of liquidity showing lots of personal saving, lots of buybacks and dividends, and lots of bank loans. (7) Commercial banks buying Treasuries. (8) 2016: Déjà vu all over again? (9) Global economic indicators are mixed, but mostly weak. (10) Movie review: “Mary Queen of Scots” (+).