Concentration and risk both maxed out at the same time.
Passive equity funds are taking over the market:
The three largest S&P 500 ETFs now have a record $2.6 trillion in assets under management (AUM).
This represents 17.4% of AUM in all US ETFs and 11.9% of AUM in global ETFs.
The S&P 500 ETF, $VOO, alone now has AUM of over $1… pic.twitter.com/TW3COo8dr2
— The Kobeissi Letter (@KobeissiLetter) June 18, 2026
So banks want to hold less capital and risk more??
“Wall street urges US regulators to further ease Basel capital rules, FT reports”
“Wall Street groups are warning US regulators that their plans to implement "Basel Endgame" global bank capital requirements will affect… pic.twitter.com/08NS55yTQy
— kristen shaughnessy (@kshaughnessy2) June 18, 2026
This is CRAZY.
The spread between 10yr & 2 yr treasury yields has absolutely crashed overnight.
It's the lowest it's been in over a year.
The bond market has spoken for Warsh: rates are going higher & staying there for some time.
Can the economy cope with that? pic.twitter.com/IGccgPUVnf
— Nic (@nicrypto) June 18, 2026