US margin debt hit $1.45 trillion in August, surging 19% year-to-date and reaching record leverage ratios relative to GDP, outpacing equity gains and exceeding 2021/2000 bubble peaks.
Macro & Markets ·
US margin debt reached $1.45 trillion in August, climbing $37 billion that month and $228 billion year-to-date for a 19% gain, while surging $847 billion or 140% since the end of 2022. The increase has substantially outpaced the S&P 500's 98% gain over the same period, with margin debt now at 4.5% of GDP compared to 3.6% during the 2021 peak and 2.8% at the 2000 dot-com bubble high. The measure represents the second-highest level on record.