Thanksgiving Update

Nov 27, 2025

∙ Paid

We wish our American friends a happy and safe holiday.

Net-transfer is +$333B compared to +$443B at this point last year; that is 25% lower. The nominal-spending is $1,165B, slightly better than the $1,145B at this point last year. The reduced money-creation is limiting the upside of the SPX.

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