U.S. debt has surged by over $10 trillion in less than five years, largely due to massive pandemic-era spending.
Beginning in 2020, the government unleashed trillions through stimulus checks, unemployment aid, and small business loans under the CARES Act, followed by the $1.9 trillion American Rescue Plan in 2021. Although borrowing briefly slowed in 2022, new spending on infrastructure, social programs (Inflation Reduction Act), and defense reignited debt growth. Meanwhile, rising interest rates from the Federal Reserve’s inflation fight made servicing the debt far more expensive, pushing annual interest payments into the hundreds of billions. Despite strong tax revenues, the U.S. has run trillion-dollar deficits every year since 2019. Repeated debt-ceiling battles have failed to curb borrowing, as Congress consistently raises or suspends the limit. For investors, the result is a surge in Treasury supply that keeps long-term yields and borrowing costs high, while inflation expectations remain elevated—driving continued interest in gold, TIPS, and real assets as inflation hedges. Source: StockMarket.news, www.zerohedge.com
Some Bitcoin whales are doing custom creations of $IBIT
These whales are trading in their physical Bitcoin for shares of the ETF for a variety of benefits after discovering TradFi has its perks. BlackRock has done $3b of these. Source: Eric Balchunas
This chart shows how bank lending has quietly reshaped the credit world
Since 2015, loans to non depository financial institutions (NDFIs) basically private equity and private credit funds have skyrocketed nearly 300%, while everything else has barely moved. Consumer loans, commercial real estate, residential lending, all flat. The growth is almost entirely in one direction, banks lending to the lenders. Source: StockMarket.news
Goldman's gold forecast
"We remains structurally bullish on gold, and still see upside risk to our 4,900/toz End-2026 forecast" Source: zerohedge
BREAKING: US national debt reaches new all-time high of $38 trillion.
Source: @CarlBMenger
Goldman on gold's Tuesday flush:
"The best answer we have for the largest % move in 10 years is (simply) positioning, and that we’ve rallied for 9 consecutive weeks. The ease of trading an ETF for quick exposure has been on full display; as of [Tuesday's] close $GLD accounted for 8% of all notional US-listed ETF volumes, its largest share of activity in our dataset. Flows on the ETF desks skewed (unsurprisingly) strongly better for sale today". Source: Neil Sethi
Banks warning about private credit quality while funding its growth:
Wells Fargo: $60B lent to private credit BofA: $33B PNC: $30B JPM: $22B Total: Nearly $300B Weird to raise alarms about "cockroaches" when you’re the one feeding them... Source: Bloomberg, junkbondinvestor
IBM’s post-earnings selloff wasn’t about the numbers — it was about the narrative.
On paper, the results were great: ✅ Revenue & earnings beat expectations ✅ Guidance raised ✅ Record free cash flow But in the AI era, “good” isn’t good enough. Investors wanted explosive AI-fueled growth. What they got was solid execution — and that’s not what the market is rewarding right now. This is the re-rating of expectations in real time. IBM is doing a lot right, but markets are chasing narrative velocity over operational discipline. Source: EndGame Macro @onechancefreedm
