Credit spreads have continued to tighten across the board, as IG spreads are at lowest since 1998 and HY credit spreads fell to their tightest since 2006, preceding their rise into the GFC.
🧵 Warren Buffett has more cash today than ever before. We’ve seen this before 2000, before 2008, and again in 2020. Buffett says he’s not a market timer. Is that true?
The S&P 500 forward P/E ratio has climbed to 22.2, its highest level since April 2021, with ten out of eleven sectors trading at multiples above their 25-year averages.
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.
