It's as if the overall economy is being held together by Silly Putty. As is well known the treasury bond market is inverted has been since mid-2022. Checking on Treasury Direct today a 90 day note is really the best about 5.4% but on my brokerage account I have a money market that yields 5.3% with no minimum and stays liquid. And yet the S & P 500 sits at 4800 with no rational reason for this except the assumption the Fed is going to start reducing rates soon. The consumer is feeling sassy but as the chart above it's at the expense of any kind of savings.
We are screwed so bad, it's only going to take one thing to cause the whole house of cards to collapse.
BTW, unrelated but the new Bitcoin ETFs look like the bomb. Or shall I say bombing out.