Lisa Abramowicz

Co-host of @bsurveillance

[Lisa Abramowicz @lisaabramowicz1]

Real yields on 30-year Treasuries are the highest since 2008. The rise in yields isn't just being driven by inflation expectations.

[Lisa Abramowicz @lisaabramowicz1]

U.S. investment-grade bond yields have risen to about the highest since 2002 relative to a comparable measure - the earnings yield - on the S&P 500. Bond vigilantes are reasserting themselves, even as corporate profits keep climbing.

[Lisa Abramowicz @lisaabramowicz1]

BlackRock Investment Institute: Tech earnings may keep exceeding expectations, but "the bigger question is whether today’s extraordinary profit levels can be sustained as cheaper models reshape the economics of AI." https://t.co/9UqkDeJ63c

[Lisa Abramowicz @lisaabramowicz1]

"Household equity exposure is near all-time highs, with data extending back to 1945...The risks to the stock market increasingly represent risks to the consumer:" Troy Ludtka of SMBC Nikko Securities Americas

[Lisa Abramowicz @lisaabramowicz1]

Wall Street is increasingly nervous about how levered this economy and global market is to AI at a time of rapidly changing financial dynamics. Fitch Ratings today: AI Market Correction Emerging as Major Credit Risk https://t.co/rz5zVW0Xcw.

[Lisa Abramowicz @lisaabramowicz1]

@Above1988 😂🤣

[Lisa Abramowicz @lisaabramowicz1]

Over the past year, 43% of hyperscaler debt supply consisted of bonds with maturities exceeding 10 yrs: BofA. By comparison, longer bonds made up 24% of M&A debt deals & 23% of other non-financial issuance. Spreads on the tech debt have steadily widened https://t.co/F3aS1uRWGz

[Lisa Abramowicz @lisaabramowicz1]

US diesel prices, a key input to consumer prices on everything from groceries to new construction, are up 10% since July 5.

[Lisa Abramowicz @lisaabramowicz1]

US initial jobless claims just came in at the lowest level since 1969.

[Lisa Abramowicz @lisaabramowicz1]

Alphabet highlights how much the hyperscaler landscape has changed. These companies used to be cash-producing machines. Now, Google's parent company just posted its first negative free cashflow quarter since at least 2016.

[Lisa Abramowicz @lisaabramowicz1]

Sovereign issuers - including the US - are being forced to offer bigger premiums to attract investors at a time of rising deficits and stiff competition from debt-hungry hyperscalers. It suggests that bond vigilantes are quietly asserting themselves.

[Lisa Abramowicz @lisaabramowicz1]

US 30-year yields have remained above 5% for 27 days this year, including the last 12 days in a row - the longest stretch since 2007. Real yields on 30-year notes are the highest since 2008, at nearly 3%. https://t.co/rCTSWBW4G8

[Lisa Abramowicz @lisaabramowicz1]

Real yields on U.S. 10-year Treasuries have reached the highest since 2023.

[Lisa Abramowicz @lisaabramowicz1]

“NYSE margin debt is reaching historic levels:” Deutsche Bank analysts. This is partly due to a “surprise dovish Fed pivot in Dec’23…Since Oct’23, NYSE margin debt has increased 136%, which is the fastest rate of margin debt expansion on record” except for February & March 2000

[Lisa Abramowicz @lisaabramowicz1]

Still, it shows the degree to which investment-grade tech debt issued this year has almost universally lost value at a time of rising longer-term yields. It's a one-two punch: this debt is exposed to both the increasingly volatile AI narrative and inflation story.

[Lisa Abramowicz @lisaabramowicz1]

Alphabet's 100-year Sterling debt has lost more than 7% since its issuance in February. This isn't entirely surprising given the duration, UK-related political risk and glut of Alphabet-related debt sales this year. (1/2)

[Lisa Abramowicz @lisaabramowicz1]

*past two years

[Lisa Abramowicz @lisaabramowicz1]

BlackRock has expanded its assets under management by nearly $5 trillion over the next two years, to $15.3 trillion.

[Lisa Abramowicz @lisaabramowicz1]

@criaFariaLima Yes. Thank you.

[Lisa Abramowicz @lisaabramowicz1]

The five biggest US banks reported a combined $50.53 billion from their trading units in Q2, more than a third of full-year 2025's $145 billion total: Bloomberg data