Liquidity drop: G10 excess liquidity has fallen to its lowest level since early 2024.
Concentration bubble: Only about 23% of the largest 500 US stocks beat the S&P over 10 years.
Gold resilience: Gold ETF holdings kept climbing while the metal price fell.
Foreign stocks: ACWX saw its biggest monthly inflow ever as money rotated outside the US.
Bond buying: Retail investors made their largest purchase on record of the long Treasury ETF TLT.
Inflation mix: Nearly half of CPI components are still running above 3% year over year.
