# Confluences

Liquidity rarely acts alone—combine Global M2 with other macro gauges to build conviction and filter noise.

* **Rates & Policy:** Policy rates (Fed/ECB), 2s10s curve, central-bank balance sheets.
* **Inflation:** CPI YoY, breakevens; relate liquidity expansions to reflation/disinflation.
* **Credit:** IG/HY spreads; rising M2 + tightening spreads supports constructive risk tone.
* **Dollar:** DXY; weaker USD alongside rising M2 often amplifies global risk appetite.
* **Volatility:** VIX/VVIX; falling vol in the presence of rising M2 favors trend durability.
* **Breadth & Flows:** A/D lines, ETF flows to validate liquidity-driven advances.
* **Crypto Macro:** Stablecoin market-cap growth and on-chain activity for crypto contexts.