63 days until the midterm elections. Oil is over $94, 10-20-30yr yields are at fresh YTD highs & 30yr mortgage rates are nearing 7%. But if you pay 100K a month you can get early access to fake Ai videos of military strikes. Welcome to the golden age. 💯
Bessent: “We will grow our way out of debt.”
Real GDP growth:
2023: +2.9%
2024: +2.8%
2025: +2.1%
2026: +1.5% (Q2 annualized)
US debt growth:
2023: +7.2%
2024: +6.9%
2025: +6.1%
2026: +7.5% (last 12 months)
Debt is growing 2–3× faster than the economy.
You don’t grow your way out of debt when the debt is outrunning growth every single year.
It’s not looking good.
@StephenMoore Are you implying all data centers (including hyperscaler AI ones) and locations are equal? Quincy's were built for Hotmail in 2006, next to 1960s hydro that was already sitting unused. I don't get the point of this.
Moderna and Merck announce their personalized mRNA cancer vaccine succeeded in a Phase 3 trial. No data presented, no paper published—but apparently the stock market has already completed peer review.