Things are getting ugly in the global liquidity environment.

1) The U.S. Treasuries demand from foreign buyers is drifting down - a trend that has been on-going since mid-2016. As of mid-4Q 2018, the combined foreign institutional holdings of U.S. Treasuries was at its lowest levels since the start of 2015.

2) The U.S. Dollar strength is now at its highest levels since early 2002.

Meanwhile, liquidity is falling:

3) Global liquidity supply is turning down, having trended relatively flat since the start of 2015

This is not a good set of signs, especially as this data is not reflecting, yet, the ECB tightening.