Bitcoin and the most-shorted stocks surge in parallel as we see speculation run wild

Assets in leveraged long ETFs exceed their inverse counterparts by a new record

Flows into passive funds are dominating the markets as active funds see net negative fund flows over the past decade.

It really is amazing. They tell us that "financial conditions are restrictive" when they are anything but. In fact, financial conditions are looser now than when the Fed hiking cycle began. Meaning that the Fed failed to tighten them as they were overwhelmed by fiscal excess.

Europe and Japan's economies have basically done nothing for a decade, while the US grew at a rather impressive clip comparatively speaking.