📊 US margin debt at 4.0% of GDP (Jan 2026) - above every prior peak: 2021 (3.8%), 2008 GFC (2.9%), 2000 dot-com (3.0%). vs. market cap (Mar 2026): 1.9% - near historical lows. Gray bands = NBER recessions. #Stocks #USMarkets #Leverage #MarginDebt #Investing

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