BREAKING: Credit card serious delinquencies rose +0.4 percentage points in Q1 2026, to 13.1%, the highest since Q4 2010.
This is only below the 2010 peak of 13.7%, in the aftermath of the 2008 Financial Crisis.
Since Q3 2022, serious credit card delinquencies have surged +5.5 percentage points, even larger than the +3.9 point increase in 2007-2010.
Furthermore, student loan 90+ days delinquencies jumped +0.7 percentage points in Q1 2026, to 10.3%, the highest since Q1 2020.
Auto loan serious delinquencies increased +0.4 percentage points, to 5.6%, the highest on record.
US consumers are falling behind debt at a crisis pace.
Ladies and gentlemens, dignitaries, celestial beings, royals, harbingers, and past kings...Behold!
We stand at the precipice of financial history, gazing upon the sacred scrolls of valuation the Shiller PE Ratio (CAPE), that venerable cyclically adjusted oracle of the S&P 500.
As of this moment in early May 2026, the reading sits at approximately 41 a towering summit that dwarfs the long term historical average of 17 and the median of 16.
This is not merely "elevated." It is extreme.
It ranks among the highest valuations ever recorded since 1881, surpassed only by the frothy peak of the dot-com mania in late 1999 (44.19).
Yours truly,
The Great Martis.✨
(Market wrap for subscribers in the coming hour followed by a plethora of charts. )
Schiller PE Ratio.🔢