Today's topics include will there be more cuts in 2025?, earnings expectations, leading indicators are not working, margin debt levels, mag 7 bubble, foreign Treasury holdings, record corporate spreads, a shift in Japanese central bank policy, and AI & young employment
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period.
Private pension funds typically have much smaller funding gaps than their government counterparts.
Over the past couple decades, households' real estate equity and direct stock ownership have moved in lockstep.
Defined benefit plans continue to be replaced by IRAs and defined contribution plans.
Personal consumption continues to make up a larger portion of U.S. GDP as time progresses.
Roughly 42% of FDIC deposits in the U.S. are uninsured.
U.S. equity net issuance rose by $465 billion in the second quarter.
A long-term look at S&P 500 real earnings yield
Some interesting charts from our recent posts