🚨US investor leverage has never been higher: Net credit balances across US brokerage accounts, which measure investor cash relative to margin debt, fell -$70 billion in June, to -$1.06 trillion, an all-time high. This metric measures the amount of debt investors use to finance stock purchases relative to the cash held in their brokerage accounts. Net credit balances have fallen by roughly $800 billion, or +300%, since the 2022 bear market low. This comes as margin debt itself rose +$86 billion last month, to a record $1.53 trillion, its 3rd consecutive monthly increase. Investor risk appetite looks more stretched than at any point on record.