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Macro for Professionals · Lesson 3

Central-bank liquidity and risk assets

QE, QT and the money tide

Professional - Gold & Platinum

Central-bank liquidity and risk assets

In this lesson

Understand how central-bank balance sheets (QE and QT) and liquidity measures influence risk assets.

Key takeaways

  • QE (buying bonds) adds liquidity and pushes investors toward risk; QT removes it.
  • Net liquidity (balance sheet − Treasury account − reverse repo) is a popular analyst estimate.
  • M2 growth surged in 2020–21 and fell in 2022, matching boom and bear phases.
  • Liquidity moves markets over months; it is a backdrop, not a precise timing tool.
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Next lesson: The US dollar and other markets

Educational information only - not financial advice.

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