JRE - Weekly Market Pulse: The Sober Spending Of Drunken Sailors
2024-06-24 10:16:00 ET
Summary
- The economic environment was unchanged last week, as the 10-year rate and the dollar both rose slightly.
- Large cap growth stocks and commodities continue to lead on the YTD basis with intermediate-term Treasuries flat, while small-cap stocks and REITs are both down modestly.
- There are only two sectors that have annual returns over 10% in the last 3 years – energy and technology. Will either of those lead over the next 3 years?
Weekly Market Pulse: The Sober Spending Of Drunken Sailors
Any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Habsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire, this law is about to be put to the test by the U.S. beginning this very year.
Historian Niall Ferguson