In October 2024, the U.S. budget deficit surged to $257.5 billion, marking a nearly 400% increase from $66.6 billion in October 2023, making it the second highest deficit in U.S. history. Concurrently, the U.S. public debt reached a record $36 trillion, with an increase of approximately $2 trillion since the start of 2024. This translates to an average borrowing of around $182 billion per month. In terms of market dynamics, the U.S. stock market capitalization has surpassed $60 trillion, making it twice the size of the combined Asian and European markets. Retail investor sentiment is at an all-time high, with 56.4% of consumers expecting stock prices to rise over the next year, a figure that has doubled in the last two years. Institutional investors are also showing unprecedented bullishness, with net positioning in the S&P 500 reaching record levels. Foreign holdings of U.S. stocks have climbed to an all-time high of approximately 60%, exceeding levels seen during the 2000 Dot-com bubble. Additionally, asset managers are nearly fully invested, with net positioning at 98%. The U.S. stock market now accounts for 74% of the MSCI world market capitalization, a new peak that is three times larger than Europe and Japan combined.