Many client questions I received last week in California were laden with a sense of foreboding: third rail questions about the US Federal debt as ten year yields blow through the Bessent Maginot line, the elevated share of US market returns and growth attributable to AI, the sustainability of US equity markets close to all-time highs, Anthropic’s dire warnings about open weight models and cyber risks, rising stress in private credit and European deindustrialization. This month’s Eye on the Market walks through my responses.
To start: some positive and negative superlatives about California.
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About Eye on the Market
Since 2005, Michael has been the author of Eye On The Market, covering a wide range of topics across the Markets, investments, economics, politics, energy, municipal finance and more.