U.S. Margin Debt Balance Soars to $1.48 Trillion in September

The U.S. margin debt balance surged by $26 billion in September, reaching $1.48 trillion, marking the second highest level on record. Since the beginning of 2026, margin debt has skyrocketed by $255 billion, an increase of 21%. As a percentage of GDP, this metric has risen to a record 4.5%, surpassing the peak of 3.6% in 2021. Meanwhile, the ratio of margin debt to the M2 money supply has climbed to 6.3%, the third highest level in history, approaching the peak of 6.4% during the internet bubble in 2000. These figures indicate that the prevalence of leveraged investments in the U.S. investment market has reached unprecedented levels.

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