Fed balance sheet just printed +$3bn to $6.75tn for the week to 4 Nov, 3rd-highest since mid-March. Assets are $212bn off the Dec low with Treasuries carrying it; MBS keep rolling off but the sheet is growing again
In 1983 the 75+ cohort sat 5% above average net worth; by 2022 it was 55% above. Under-35s slid from 21% of average to ~16%. Forty years of asset inflation, not wage growth
The wealth gap between America’s oldest and youngest households has been widening for four decades.
In 1983, households 75 and older were worth about 5% more than the average household. By 2022, they were worth 55% more.
Households under 35 went the other way: from 21% of the average household’s net worth in 1983 to just 16% in 2022.
US nonfarm labour productivity just printed +3.5% annualised in Q3, biggest since Q3 2025 and a third straight gain. Unit labour costs fell 0.7% as output beat pay; AI capex is showing up in the data
US spot Bitcoin ETFs just logged $1.28bn of net outflows for the week to 6 Nov, the worst since June. IBIT alone took $1.21bn of that; strip BlackRock out and the rest of the complex barely budged
Goldman just raised US data center spend to $80bn in 2026, $100bn in 2027 and a first $125bn for 2028. Hyperscaler backlog hasn't cooled; the Texas pause is a delay line, not a demand cut
Single Asset Vault, the pooled-liquidity piece lending runs on, is a bit closer at 23 of 35. Credit checks stay off-chain; the ledger just handles fixed-term loans out of those pools
Bank of Russia just put Bitcoin, Ether and USDT on the non-qualified list from 17 Nov. ₽300k a year per intermediary; quals get every crypto unrestricted
Anthropic is pressing ahead with a November IPO: $80-100bn raise at $1.25-1.75tn, FT says. They're still hunting a Thanksgiving listing after Thursday's AI wipeout
Job openings jumped +333,000 to 7.52 million in September, the largest monthly rise since April and 3rd-highest since Nov 2024. The equity wipeout just met a labour print that refuses to crack
BREAKING: US job openings jumped +333,000 in September, to 7.52 million, the 3rd-highest reading since November 2024.
This marks the largest monthly increase since April and the 3rd-largestsince October 2024.
The surge was led by professional and business services, which added +106,000 openings.
State and local government, excluding education, followed, with an increase of +104,000.
As a result, the ratio of job openings to unemployed workers rose to 1.06, its highest since January 2025.
There are now 414,000 more available vacancies than unemployed workers, the 2nd-largest difference since January 2025.
US labor demand appears to be recovering.
US leveraged ETFs took in a record $9.5bn the week ending 16 Oct, more than double the prior weekly high. SOXL alone pulled $7bn. That pile of leverage just met the unwind
DOL's final 401(k) alternatives rule is at the White House for review. Fiduciaries who tick the process boxes on crypto and private assets get a safe harbor; nobody's forced to put bitcoin on the menu
Armstrong: stablecoins let anyone hold US dollars and send them worldwide in seconds for under a cent. Once that rail's live, the old wire desk is just latency with a fee attached
GateHub just launched EURGH, a MiCA euro e-money token live on XRPL and Xahau. Issued by Slovenian EMI Dinaro at 1:1 to the euro, with free mint and redeem
From an XRPL wallet straight to any European IBAN over SEPA Instant in seconds. RLUSD covers the dollar side; the euro now has its own regulated exit on the same ledger
PBOC killed Solana Accelerate China 2026 before doors opened and is probing the Lujiazui Citigroup Tower ads. SOL marketing still treated as illegal finance under the Feb notice
JUST IN: 🇨🇳 China's Central Bank launches investigation into Solana $SOL over cryptocurrency advertising in Shanghai.
Nasdaq 100 closed down 6.4% today, its worst session since the March 2020 Covid crash. Semis led it, with the Philly chip index off 12%. When the most crowded trade in the market cracks, everyone heads for the same door at once
Nvidia at roughly 13x forward earnings is the stat of the day. That's 7 turns cheaper than the S&P 500's ~20x and under a third of Walmart's ~43x. The AI leader now priced below the index it carries
Just to put today's crash into perspective:
After today's crash, Nvidia, $NVDA, is now trading at a Forward P/E ratio of ~13x.
That's 7 turns below the S&P 500's ~20x Forward P/E and less than one-third of Walmart's ~43x.
Ironically, the name at the forefront of the AI buildout is now one of the "cheapest" stocks in the market.
Truly incredible.