The yen just hit its weakest level against the dollar in four decades. Japan has raised interest rates and spent billions defending its currency. Yet the yen keeps sliding.
@MiaTGlass explains why: https://t.co/GgpFOIGQpw
13.1% of credit card balances in the US are now 90+ days delinquent, the highest since 2011.
10.3% of student loan balances are now 90+ days delinquent, the highest since 2020.
5.6% of auto loan balances are now 90+ days delinquent, the highest level on record.
‼️Market frenzy has reached unprecedented levels:
The ratio of US momentum stocks to minimum volatility stocks has surged to a record high.
This is also a 5 standard deviation overshoot above the long-term trend, the most extreme reading in over 25 years of data.
In plain terms, momentum stocks, fast-moving, high-growth names like NVIDIA, have never been this expensive relative to low-volatility defensive stocks like utilities and consumer staples.
Every single time this ratio has spiked, the unwind has been violent.
Will history repeat itself?