🇺🇸Who owns all of the US debt?

The US Treasury had $34.8 trillion in outstanding debt at the end of Q2 2024, of which ~33% was held by government funds such as Social Security and the Fed.

By: Financial Networking Group

The Warren Buffett Indicator, also known as the Market Cap to GDP ratio, has reached a new all-time high, surpassing levels seen during both the Dot-Com Bubble and the Everything Bubble in 2021.

By: Alexander Vogt, CFA

Presidential election years are always tricky. They’re generally positive, as you can see on the chart below, with only 4 years with negative returns since 1936. But that doesn’t show the full picture as they’re generally volatile with a lot of uncertainty until Election Day.

By: Gustavo A. Cano

This was super interesting. It's well known that inflation is a typically bigger issue for lower income households than higher-income households. The explanation behind this phenomenon lies in the fact that this group has little savings on average and spends most of the income they generate.

By: Francois Trahan, M2SD

Last week headline CPI inflation confirmed it was in line with market expectations at +2.4% year/year, down from +2.5% y/y in last month's reading. Inflation is continuing to fall in the current cycle, however we think the similarities between the current path and surge inflation of the 1970's are worth paying more attention to.

By: Oliver Loutsenko

Sector rotation continues its way. As you can see in the chart below, over the last three months after NVDA results on July, the tech sector has become the laggard, and other sectors such as Utilities and Real Estate have taken the baton and have become the leaders of the S&P500.

By: Gustavo A. Cano

If the Republicans are going to sweep in November (and even if they don’t), we are likely in for a long regime of fiscal expansion (i.e., sustained large deficits), at a time when the Fed and other central banks are no longer swooping in to buy debt.

By: Jurrien Timmer

The Atlanta Fed's GDPNow model estimate for Q3 GDP growth rose to 3.4% from 3.2% on Oct 9, driven by increased consumer spending.

By: Daily Chartbook

Compliments to The FED for propping Stock Market up with TRILLIONS in QE, RRP, BTFP, FHLB, TGA & other Liquidity. Crypto, AI & Tech companies are the instruments for liquidity deployment & orchestrating Crypto & AI mania to lure bagholders.

By: Yelena C.

We just released BlackRock Q4 Global Outlook (link in comments), big picture:

By: Wei Li