Berkshire Hathaway’s cash position is now 30% of their total assets, the most in history.
Source: Barchart
In the us, leverage is with the government, and less with companies and households.
Indeed, household debt outstanding as a share of US GDP is down over the past decade. Lowest since 2002. Source: BofA
It is all about tech...
US technology and tech-related stocks now account for ~55% of the US stock market, the highest share EVER. It has exceeded the 2000 Dot-Com Bubble levels by ~5 percentage points. By comparison, defensive stocks now reflect ~18% of the market. Source: Global Markets Investor
US recession odds have fallen to an all-time low of 11%.
Source: Kalshi
Trump’s tariff deadline is near.
Here’s a look at countries that have a deal — and those that don’t. source: CNBC
As expected, the fed leaves rates unchanged despite some of the positive developments observed on the inflations side (see below Inflation surprise index versus Fed Funds rate).
We note that this decision was met with opposition from Governors Michelle Bowman and Chris Waller, both of whom have advocated for the Fed to start easing. This is the first time since 1993 that multiple governors cast no votes on rate decision. Source: zerohedge
Will we see the typical post-Powell sell-off again today? It's a tradition.
Source: Bespoke @bespokeinvest
Donald Trump has announced that India will be subjected to tariffs of 25% on imports to the US
Donald Trump has announced the US will levy 25 per cent tariffs on imports from India and also impose an unspecified penalty. In a post on his Truth Social platform on Wednesday, the US president said Indian tariffs were “among the highest in the World”, adding that New Delhi had “the most strenuous and obnoxious non-monetary Trade Barriers of any Country”. India had “always bought a vast majority of their military equipment from Russia” and was Moscow’s biggest purchaser of energy at a time when the Ukraine war was still raging, Trump said. “ALL THINGS NOT GOOD!” he wrote. “INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST.” The US president had said on Tuesday he would be imposing sanctions on Russia, including “secondary tariffs” on its energy customers, if Moscow did not halt the war in Ukraine within 10 days. Trump has also been pushing countries to boost purchases of US energy and military equipment. The EU said it would buy more American weapons as part of a trade deal with the US struck over the weekend. In a separate post on Wednesday, Trump added: “WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA!!!” The US had a $45.7bn goods trade deficit with India in 2024.
