Today's topics include getting to know Scott Bessent, still feeling inflation's bite, concerns over inflation's return, a historical look at the deficit, is this time different for stocks?, quantifying the effects of tariffs, a Santa Claus rally vs. post-election rally, and criticizing the idea of a bitcoin reserve
Q3 2024 earnings season is nearly finished with another strong quarter of growth beating expectations. Nvidia reported results on Wednesday.
Today's topics include the Treasury secretary job, Fedspeak, stretched valuations, projecting long-term stock returns, an eye on year-end funding costs, the dollar goes streaking, the yen carry trade, and U.S. stocks vs. the rest of the world's stocks.
Household debt in the U.S. stood at $17.94 trillion in the third quarter.
Credit utilization has risen since 2021.
People under 30 and over 70 hold a relatively small amount of debt compared to other age groups.
The average third party collection stood at $1705 in the third quarter.
Household debt broken down by delinquency status
Credit card debt is now 31% higher than it was pre-pandemic.
Mortgage originations remain well off the peak set in 2021.