3 months ago
One dollar in every ten American banks lend now goes to another lender. Fifteen years ago it was less than one in a hundred.
$2.4 trillion of life insurance reserves have been signed over to reinsurers. Bermuda took 84% of the share that left the country, and the rules there are not the rules here.
For five years a stock traded far above the coins inside it, and used the gap to buy more. In June the premium became a discount — and the machine started running backward.
372 big bankruptcies in six months, the most since 2010. Yet the reward for owning junk debt is near a record low. Those two don't belong together.
One crowded trade is holding the whole index still. It's made billions — and it already broke once this year.
At year-end, the overnight repo rate punched through the Fed's ceiling. The cushion that used to prevent that is gone — and the Fed is buying Treasuries again.
Companies bought a record $1.02 trillion of their own stock. The insiders running them are selling four shares for every one they buy.
Oracle's default insurance just hit a record while the whole bond market yawns. We followed the money behind the AI buildout.
QT is over. And QE is quietly back, just under a different name.
