1. Hyperscalers Plus NVDA Debt Issuance Equals 70% of New Treasury Long Duration Borrowing
Marketwatch Hyperscalers are issuing so much debt that they may be causing an imbalance at the long end of the yield curve. JPMorgan Asset Management’s Michael Cembalest calculates that the debt issuance by the five hyperscalers, plus Nvidia, equates to 70% of new Treasury long-duration borrowing. He adds that the Treasury twist program of buying back long-dated securities while borrowing more from the short end of the curve pales in comparison to the Fed’s program from 2011 and 2012 — at some 25% of that size — while the outstanding stock of Treasurys with maturities longer than 10 years has risen from $1 trillion to $5.8 trillion.
MarketWatch
2. Chevron Breaking Out to New 5 Year Highs Investing $7B in Venezuela
StockCharts
3. Dell Shares Sideways All Summer After Big Run Up…Needs to Get Above $510 for New Highs.
StockCharts
4. Returns for August
Capital Spectator
5. Leveraged ETFs Have Been a Losing Trade for Retail Investors.
6. Leveraged ETF Volume in Korea Slowdown
The Irrelevant Investor
7. Shein IPO Value ¼ of Highest Venture Valuation in 2022
8. 41,000 More Satellites Coming to Low Orbit-WSJ
WSJ
9. Hanwha Shipyard Korea Produces One Ship a Week vs. Philadelphia Hanwha One Ship Per Year
10. The Upper Middle Income Group in Now America’s Largest 31%
Andy Kessler WSJ –
Rahm Emanuel smartly told Politico, “If you’re trying to be a party that recruits people, working class people that go paycheck to paycheck, socialists have been repulsing them.”
Plus, we’re barraged with false analysis that the middle class is hollowing out. The largest income group is now the upper middle class. The upper middle was 10% of families in 1979. It’s now 31%. Really? Is that from exploitation? Heredity? Heck no. More like hard work. And dual incomes. The middle class is getting richer. Why is that bad?
Moreover, the income ranges of the upper middle class are wide enough to drive a truck through, from $109,000 to $326,000 for a family of two and $154,000 to $462,000 for a family of four. Whether any of these folks feel upper middle class is a different matter—it depends on geography. Worse, they have a target on their backs from the politics of envy.
https://www.wsj.com/opinion/whos-working-class-anymore-47e87ac0