📍 Margin debt on Wall Street increased by +$30B in November, pushing the total debt to $1.21T - the highest level in history. Marking the seventh consecutive month of increase.

📍In those 7 months, margin debt expanded by +$364B (+43%). Notably, after adjusting for inflation, margin debt still increased by +2% MoM and +32% YoY, meaning it is not just nominal growth; the money ( with leverage) is flowing in along with the leverage.

📌 The margin debt/M2 ratio has jumped to ~5.5%, the highest since 2007.

📌 Besides 2007, only the Dot-com period of 2000 had a higher rate.