Bianco Research
68% of GDP Is Due to Personal Consumption
Charts of the Week • September 23, 2022
Personal consumption continues to make up a larger portion of U.S. GDP as time progresses.
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Personal consumption continues to make up a larger portion of U.S. GDP as time progresses.
For the first time in a couple years, households' real estate equity actually surpassed stock ownership
Defined benefit plans continue to be replaced by IRAs and defined contribution plans
Private pension funds have much smaller funding gaps than their government counterparts
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period. Both are now at new highs
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper
Enjoy this sample of our unique graphical approach to positioning in future and options markets
Value had a great month or two relative to growth. In the short-term some sort of mean reversal would not be a surprise. However, long-term value has barely begun its retracement of growth's out-performance of the past 15 years.
Cryptocurrencies are often viewed as the farthest point on the risk curve, akin to leveraged stock positions. The growth of Decentralised Finance (DeFi) could help change the correlation between cryptos and stocks.