US Margin Debt Hits Record $1.5 Trillion in June, Third Monthly Increase

US margin debt surged by $86.5 billion in June to a record $1.5 trillion, according to data cited by The Kobeissi Letter. This marks the third consecutive monthly increase, bringing the total gain over that period to $281.2 billion, or +23%.

Over the past 12 months, margin debt has risen by $494.1 billion, representing a 49% jump. A broader measure of investor leverage — which subtracts cash held in brokerage accounts from total margin borrowing — now stands at approximately 1.4% of the S&P 500's market capitalization.

This level is in line with the peak seen in 2018 and exceeds the dot-com bubble peak of roughly 1.1%, suggesting US investors have never been more leveraged.