Sales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 1.7% year over year.

By: Diana Olick (CNBC)

US corporations were holding a record $4.4 trillion in cash as of Q3.

By: Daily Chartbook

Visualizing Wealth Distribution in America (1990-2023) 🪙🪙🪙

By: James W.

The private equity industry has rediscovered its mojo. Bloomberg on the stunning change in sentiment around PE driven by peaking rates’ confidence bringing more predictability to the cost of capital.

By: Lyes Birem, CFA

Here's yet another sign that apartment supply will plunge in the second half of 2025 and into 2026: Multifamily permits continue to drop off, and in January 2024 hit the lowest levels since the COVID lockdown era. And there's little reason to expect that storyline to change any time soon.

By: Jay Parsons

US markets start to speculate if the next Fed move is up, not down - Bloomberg

By: Charles-Henry Monchau, CFA, CMT, CAIA

Chart of the day: Margin debt security dealers and brokers vs SP 500.

By: Andre Chelhot, CFA

On share buybacks and earnings inflation: Share buybacks are important because they raise the payout ratio for equities (i.e., the percentage of earnings which get returned to shareholders via dividends and share buybacks). A higher payout commands a higher valuation.

By: Jurrien Timmer

Rule of 20 (suggests market is fairly valued when P/E + CPI year/year equal 20) shows that S&P 500 is getting increasingly expensive.

By: Liz Ann Sonders

Bank credit has had a massive contraction when looking at percentage change over 1y. See previous contractions on the graph.

By: Ryan Lemand, PhD