Who’s Buying Our Debt?

Who’s Buying Our Debt?

  Here’s an interesting question that doesn’t come up all that much. When the government borrows money, who are they borrowing from? This week’s chart provides a clue. It shows the share of U.S. government debt owned by foreign investors, going back...
Factories Are Humming

Factories Are Humming

  With all the noise this week about inflation, interest rates and jittery tech stocks, it would be easy to miss a piece of good news: American factories are busy. The chart above shows the ISM manufacturing index, a monthly survey of the people who buy supplies...
A Smaller Price Tag

A Smaller Price Tag

  With the stock market sitting right around a record high, it might look like stocks have shrugged off this year’s jump in interest rates. They haven’t. Higher rates have definitely left a mark. You just have to know where to look. Let me walk you...
When Does the Market Peak?

When Does the Market Peak?

  The S&P 500 stock index last hit a high on August 13. Since then, it has drifted lower. But now that we’re in the final quarter, the question becomes: is the high for the year already in? History says that would be unusual. The chart above shows the month...
All In

All In

  For the past few years, stocks have really done a lot of the work in most portfolios. Sure, it’s been comfortable. But it has also changed what those portfolios look like. This week’s featured chart highlights what I mean. Every month, the American Association...
Bumps in the Road

Bumps in the Road

  The Fed went ahead and raised interest rates this week for the first time since 2023. Initially, stocks slipped to a one-month low on the news. Of course, that got many asking the question, what happens now? We think history might offer some clues. The chart...