emilyvuong

🔴US IG Bond Issuance Hits Record - AI CapEx is the Main Driver
Total US Investment Grade (IG) bond issuance is forecast to reach $2.25T in fiscal year 2026, the highest in history - surpassing the previous record of $1.943T in 2020 (+15.8%) and up 24.3% from $1.81T in 2025.
Specific breakdown:
- Maturities: $940B
- Calls/Tenders: $310B
- Net supply: $1T - highest in data since 2012
Net supply $1T is the largest figure since 2012, far exceeding the $637B level of 2025 (+57%). This is a signal that US companies are ramping up long-term borrowing to finance capex - and the wave of data center/AI

🔴Disappointing June payrolls: +57K, lowest in 4 months, "fake" unemployment rate
June NFP only +57K jobs, far below the forecast of +115K - the weakest increase in 4 months, after 3 straight months of beating expectations.
The data for the previous two months were also heavily revised:
- April: +179K → +148K (-31K)
- May: +172K → +129K (-43K)
-> -74K jobs were removed from previously published figures.
🔴By industry breakdown:
- Professional & business services: +36K - still the main driver
- Social assistance: +25K
- Healthcare: +22K
- Leisure & hospitality: -61K - the main reason pulling NF

🔴US M2 money supply hits record $23.1T in May
US M2 money supply increased +$247.8B in May 2026, reaching a record $23.1T - the largest monthly increase since May 2021 (from Fed H.6 data):
- Year-to-date (YTD), M2 has increased +$698.6B - the largest increase in the first five months of a year in half a decade
- M2 is now $1.3T higher than the previous peak in March 2022 - the period before the Fed started aggressive QT
- Since 2000, the money supply has grown an average of +6.3% per year (CAGR)
In theory, the Fed is still in the process of quantitative tightening (QT) and keeping interest ra

🔴Americans are 'coping' with inflation by taking on debt
The Fed's recently released G.19 report shows U.S. consumer credit accelerating again after 1 year - Americans have been forced to rely on 'debt' to spend:
- Total consumer credit +$25B in March, rising to a record $5.14T (from $5.12T in February) - the largest monthly increase since 03/2025.
- Auto loans and student loans (nonrevolving) +$15B to $3.80T, growing at an annual rate of 4.7% (from 2.7% the previous month). Student loan debt alone hit ~$1.87T.
- Credit card debt (revolving) +$10B to $1.34T - the highest since 11/2024. This i

⚡️China's M2 money supply sets record at 242.75% of GDP - highest among major global economies
China's M2/GDP reached 242.75% in 2025, up from 232.38% in 2024. As of May 2026, M2 stood at 353.67 trillion CNY (~$51-52T), up 8.6% YoY.
In the US, this M2/GDP ratio is only around 100-110%.
This ratio is a legacy of the credit expansion program after the 2008-2009 crisis, with excess debt never fully resolved. The biggest problem is that despite liquidity easing, money still doesn't flow anywhere (including into risk assets).
Real estate, which has been the main credit absorption channel for decade

🔴China imports 163 tons of gold in May - highest since March 2024
Gold imports through all channels of China reached approximately 163 tons in May 2026, the third consecutive month exceeding 150 tons.
Cumulative total in the first five months reached approximately 692 tons, up 76% year-on-year compared to 2025.
PBOC increased official gold reserves by 9.95 tons in May, the largest increase in 16 months, bringing total reserves to 2,331.52 tons - the longest net buying streak in 11 years.
Gold now accounts for about 9% of China's total foreign exchange reserves.
PBOC continues to buy aggressiv

🔴Americans Are "Battling" Inflation by Accumulating Debt
The Fed's G.19 report just released shows that U.S. consumer credit is accelerating again after one year - Americans have been forced to rely on "debt" for spending:
- Total consumer credit +$25B in March, rising to a record $5.14T (from $5.12T in February) - the largest monthly increase since March 2025.
- Auto loans and student loans (nonrevolving) +$15B to $3.80T, growing at an annualized rate of 4.7% (from 2.7% the previous month). Student loan debt alone hit ~$1.87T.
- Credit card debt (revolving) +$10B to $1.34T - the highest l

🔥President Trump's annual asset report (released by the U.S. Office of Government Ethics) shows that crypto has become the largest revenue source for the Trump family in 2025.
The cryptocurrency industry has helped the Trump family pocket at least $1.4B - far exceeding Mar-a-Lago ($77M) and the Northern Virginia golf course ($25M) combined.
🔴Most of the money comes from three sources:
- $594M from the sale of WLFI tokens
- $636M from CIC Digital through TRUMP memecoin royalty fees
- $197M from the sale of Stablecoin Holdco shares.
This does not yet count the approximately 22.5B WLFI tokens

🔴Open USD (OUSD): Stablecoin alliance of 140 corporations - A worthy rival to Tether & Circle
This is the biggest event in the stablecoin industry since the collapse of Libra/Diem in 2019.
OUSD is not a stablecoin issued by a single company like USDT/USDC, but a shared infrastructure operated by the independent company Open Standard, with a board of directors held by the partners themselves, with no single company holding sole control.
The differences of $OUSD:
- Issuance/redemption fees = 0, with no volume limits
- Shares nearly all profits from collateral assets with partners (after deducti

📊 JOLTS May: US labor market continues to be unexpectedly strong
🔹 Just-released data shows the US job market still shows no signs of cooling as expected:
- Job openings May: 7.594K - exceeding forecast of 7.295,5K (+~299K)
- April revised: 7.618K -> 7.585K
🔹By sector:
- Professional/business services: 1.473K -> 1.485K (+12K)
- Wholesale trade: 178K -> 249K (+71K)
- Leisure & hospitality: 846K -> 941K (+95K)
- Financial activities: 405K -> 376K (-29K)
- Government: 793K -> 800K (+7K), but federal only: 97K -> 83K (-14K) - near 2026 low
🔹Most notable points:
- Job openings now are higher th

🔴This is the ranking of the richest people in the crypto market.
The wealth of CZ alone equals the combined wealth of the remaining 19 people.
The total wealth of the #2 đến #20 is approximately $108.7B - almost exactly equal to $107B that of CZ.

🔴BlackRock just deposited 7.432 bitcoin:native ($446M) onto Coinbase Prime today - the largest net withdrawal of bitcoin:native in a single day ever for #BlackRock.
US spot Bitcoin ETFs had net withdrawals of $1.79B last week - confirming the second largest outflow week in history (record is $2.61B in the last week of February 2025), and the 7th consecutive withdrawal week, the longest ever.
Investors $IBIT are losing an average of about 40%, while exactly one year ago this figure was +30%.
IBIT still has cumulative inflows of over $60.7B but its NAV is now only about $44.4B.
Ethereum ETFs ar

⚡️ Foreign capital inflows into the US set a record, fully refuting the “Sell America” thesis
Net capital inflows into US stocks from foreign investors reached $883.9B—an all-time high (3 times higher than in early 2025).
In the same period, foreign private investors alone bought $763 billion worth of US stocks—also a record.
If bonds (Treasury + corporate debt) are included, total foreign capital inflows into the US rise to $1400B. This is official data from Treasury International Capital—absolutely not an estimate.
This is a slap in the face to economists who argue that the “Sell Ame

🔥Maybe after the AI craze, the next trend will be robotics (not crypto)
Investment in Robotics sets a record $16.3B in Q1 2026, after 4 years of flatness.
This boom comes exactly 2 years after AI LLM models experienced a similar funding boom in 2023-2024.
Why do robots have to wait for AI to go first?
- Robot hardware is not new; Boston Dynamics has been doing it since 1992.
- What has been missing for 30 years, causing slow progress in the robotics industry, is the brain for robots.
-> Jensen Huang calls this the "ChatGPT moment of the robotics industry"; robotics is exactly recreating the A

🔴Fed Kashkari: Expected to have 1 interest rate hike this year
Minneapolis Fed President Neel Kashkari just reversed his stance, from forecasting 1 rate cut (March) to forecasting 1 rate hike by end of 2026.
Kashkari, previously seen as one of the most dovish Fed members, has now turned hawkish. He believes inflation comes not only from oil prices but also from tariffs pushing up import prices, disruption of fertilizer supply through Hormuz, and massive CapEx into AI driving up prices in many sectors. For 2027, he forecasts rates to remain unchanged rather than cut.
NY Fed President Williams

🔥How Bitcoin has changed through 16 adjustments from 2010 to now:
The table below is a summary of all 16 major drawdowns of Bitcoin from September 2010 to June 25, 2026, including the current one which hasn't ended yet.
The general rule is still crash then recover, however there are 2 rules that can be drawn for the next season.
🔴1. The magnitude of declines has narrowed, but not linearly
- 2010-2015: Bitcoin crashed almost to zero (9/14/10 down -94%, 6/8/11 down -94%, 11/30/13 down -85%). This was the early stage of the market with thin liquidity.
- 2017-2021: The corrections were only -30%