BREAKING: US margin debt jumped by +$112 billion in May, to a record $1.42 trillion. This marks the 2nd consecutive monthly increase, totaling +$195 billion. Margin debt has surged +$495 billion, or +54%, over the last 12 months. Adjusted for inflation, this metric rose +7.9% MoM and +47.4% YoY. Real margin debt has now grown +550% since 1997, far outpacing the S&P 500’s real gain of +357.7% over the same period. Market leverage continues to rise at a historic rate.(The Kobeissi Letter)