Wisdom Tooth

⚠️Credit card delinquencies are surging across all income groups: Low-income communities now face a ~8% delinquency rate, up from ~4% in 2021 and well above pre-pandemic levels of ~6.0%. Medium-income borrowers are at ~5.8%, also above the 2018-2019 levels of ~4.2%. Even high-income communities have seen delinquencies rise to ~3.8%, more than doubling from the 2021 low of ~1.8%. The end of pandemic-era aid and persistent inflation have hit lower-income Americans the hardest, with their delinquency rates now at the highest in at least 10 years. This comes as total US credit card debt has surged +$500 billion over the last 4 years to a record $1.28 trillion. Meanwhile, the percentage of seriously delinquent debt (90+ days) is up to 12.7%, the highest since 2011. US consumers are falling behind on their debt at the fastest pace in over a decade.

Bond traders are the least bearish in 10 years ahead of tomorrow’s jobs report: BMO survey. Just 24% of respondents saw the next 15 bp move in 10-year yields as being higher, the lowest since Nov. 2010. Most see the oil-price surge as being a hit to growth more than inflationary.

One last message before the launch of Artemis II...

Kevin O’Leary explains you should aim to have $5,000,000 in treasury bills… “You should strive very hard if you're an entrepreneur to have $5,000,000 in T-bills”