As far as I know, Liverpool is currently participating in 3 competitions, namely the English league, the League Cup, and also the UCL. In all three competitions, Liverpool is indeed favored to win and get the trophy. Maybe the competition that Liverpool will definitely win is the League Cup. Because in the League Cup Liverpool managed to enter the final. Then in the final Liverpool will face Newcastle. I think Newcastle is not a tough opponent for Liverpool, so with that it is clear that Liverpool will most likely get the League Cup trophy.
The league Cup you are referring to is it the EFL Cup?, yes they are definitely the winner because when Liverpool passes all the knockout stages without losing and get to the finals without having to meet any club like Manchester City they will win that trophy, though even if Manchester City was to be the final rivals this time Liverpool will win, so actually Newcastle United will only get the respect of people who saw the end of the season, so after this finals for Liverpool no more league apart from premier League and champions and they will not be playing as often as before because the matches that constitute the three league is not the same as the one which constitutes only two.