The Kobeissi Letter

@KobeissiLetter

Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: [email protected]

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  1. #1

    Leveraged ETFs are now driving markets. Leveraged ETFs now account for a record 16% of total global ETF daily trading value. This is despite representing only ~$250 billion, or 1%…

    The Kobeissi Letter @KobeissiLetter ·
    Leveraged ETFs are now driving markets. Leveraged ETFs now account for a record…
  2. #2

    BREAKING: US household debt fell -$13 billion in Q2 2026, to $18.77 trillion, the 3rd-highest level on record. This marks the first quarterly decline since the 2020 pandemic. Howe…

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: US household debt fell -$13 billion in Q2 2026, to $18.77 trillion, t…
  3. #3

    BREAKING: President Trump says the US has “total control” over the Strait of Hormuz and “I think we will keep it.”

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: President Trump says the US has “total control” over the Strait of Ho…
  4. #4

    BREAKING: Josh Kushner and Bob Iger are buying the Los Angeles Lakers for a record $12 billion. This marks the highest price ever paid for a professional sports franchise.

    The Kobeissi Letter @KobeissiLetter ·
  5. #5

    BREAKING: Gold future surge above $4,500/oz for the first time since June 5th. This puts gold futures up +14% since July 17. The gold market knows exactly what is coming next.

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: Gold future surge above $4,500/oz for the first time since June 5th.…
  6. #6

    BREAKING: Market expectations for a September rate hike fall to 34% after US CPI inflation declines to 3.4%. This marks the lowest chance of a September rate hike since July 17th.…

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: Market expectations for a September rate hike fall to 34% after US CP…
  7. #7

    BREAKING: July CPI inflation falls to 3.4%, in-line with expectations of 3.4% Core CPI inflation falls to 2.5%, also in-line with expectations of 2.5%. Month-over-month CPI inflat…

    The Kobeissi Letter @KobeissiLetter ·
  8. #8

    BREAKING: President Trump's capital gains tax cut discussions include "indexing" capital gains for inflation BEFORE taxes are calculated. This would mean that taxes would be appli…

    The Kobeissi Letter @KobeissiLetter ·
  9. #9

    BREAKING: President Trump is weighing a cut to capital gains taxes ahead of midterm elections, per Bloomberg. There has not been a major cut to capital gains tax rates in the US s…

    The Kobeissi Letter @KobeissiLetter ·
  10. #10

    The US government is ramping up hiring: Government job openings jumped +10,000 in June, to 823,000, the highest since June 2025. This marks the 4th consecutive monthly increase, t…

    The Kobeissi Letter @KobeissiLetter ·
    The US government is ramping up hiring: Government job openings jumped +10,000…
  11. #11

    A handful of stocks now dominate US market trading: Nvidia, $NVDA, is the most actively traded stock in the US market, accounting for 3.0% of total market notional volume year-to-…

    The Kobeissi Letter @KobeissiLetter ·
    A handful of stocks now dominate US market trading: Nvidia, $NVDA, is the most…
  12. #12

    Investors are hedging less. The 1-month put-to-call skew is down to 1.15 points, the lowest since April 2025. This metric measures how much more investors are paying for downside…

    The Kobeissi Letter @KobeissiLetter ·
    Investors are hedging less. The 1-month put-to-call skew is down to 1.15 points…
  13. #13

    BREAKING: Monthly stablecoin card spending volumes surged another +16% in July, to a record $1.03 billion. This marks +200% year-over-year volume growth with over 10 million purch…

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: Monthly stablecoin card spending volumes surged another +16% in July,…
  14. #14

    BREAKING: Trump Media says more than 10 customers have signed up for "Truth API" which provides faster access to President Trump's Truth Social posts. The earliest customers are m…

    The Kobeissi Letter @KobeissiLetter ·
  15. #15

    BREAKING: US jobs numbers have now been revised lower in 21 out of the last 30 months by a total of -1.05 million jobs. This means an average of -35,067 jobs have been revised out…

    The Kobeissi Letter @KobeissiLetter ·
    BREAKING: US jobs numbers have now been revised lower in 21 out of the last 30…
  16. #16

    Retail investors are rushing back into gold: The largest US physical-gold backed ETF, $GLD, attracted +$50 million in retail inflows on Wednesday, the largest daily inflow since M…

    The Kobeissi Letter @KobeissiLetter ·
    Retail investors are rushing back into gold: The largest US physical-gold backe…
  17. #17

    We are witnessing the largest CapEx spending spree in history. Hyperscalers have committed a record $2.6 trillion in future spending across data center leases and equipment purcha…

    The Kobeissi Letter @KobeissiLetter ·
    We are witnessing the largest CapEx spending spree in history. Hyperscalers hav…
  18. #18

    US housing affordability is deteriorating: The average 30Y fixed mortgage rate rose +3 basis points last week, to 6.69%, the highest since July 2025. This marks the 5th consecutiv…

    The Kobeissi Letter @KobeissiLetter ·
    US housing affordability is deteriorating: The average 30Y fixed mortgage rate…
  19. #19

    ANNOUNCEMENT: We are excited to present The Kobeissi Letter’s 2025 performance report. Our analysis provided a net return of +30.7% in 2025, outperforming the S&P 500's 2025 r…

    The Kobeissi Letter @KobeissiLetter ·
    ANNOUNCEMENT: We are excited to present The Kobeissi Letter’s 2025 performance… ANNOUNCEMENT: We are excited to present The Kobeissi Letter’s 2025 performance…