This is not a cycle turning, it is a decade long regime shift driven by geopolitics, inequality, and demand side economics.

Japan’s bond market turmoil signals a global liquidity crisis as the old monetary order breaks down worldwide now.

Liquidity is shifting away from financial markets toward the real economy, creating late cycle headwinds for risk assets.

The Fed’s rate cuts mask deeper risks as fiscal excess, market strain, and inflation psychology threaten to unanchor expectations.

Hidden liquidity stress, Treasury supply, and fractured Fed policy are quietly creating year-end risk across markets and crypto.