Shortages are the visible symptom. The deeper story is usually dependence: where substitution is weak, where coordination is fragile, and where an entire system turns out to rely on a narrower path than it seemed. That is what bottlenecks often reveal. open.substack.com/pub/amorec…

📊 Goldman Sachs Alert: S&P 500 Hits 14 New Highs… But Market Breadth Is Collapsing The S&P 500 has registered 14 new highs in the past month, yet market breadth continues to deteriorate sharply. A handful of tech/AI mega-caps (likely the usual suspects) have driven nearly all the gains — the vast majority of stocks are being left far behind. Goldman’s Momentum Factor GSMEFMOM (long top 20% of S&P 500 stocks by past 12-month returns, short bottom 20%, equal-weighted, monthly rebalance): 25% in the past 3 months — one of the most extreme surges on record. Exhibits 3 & 4 show the market concentration is now approaching levels last seen at the peak of the 2000 Tech Bubble. Historically, such extreme momentum almost always appears in the late stages of a bull market: - Short-term momentum can persist - But when it breaks, the reversal is often sharp and swift Outlook remains highly uncertain. Watch macro liquidity, rates, and AI capex/earnings realization closely. ⚠️ Not investment advice — purely a market structure observation. #USStocks #MarketBreadth #Momentum #ConcentrationRisk

U.S. 30-year Treasury yield has risen to approximately 5.123%, the highest level since 2007. After a prolonged decline following the financial crisis and hitting a low of around 1% during the 2020 pandemic, it has rebounded significantly with inflation resurgence and returned to pre-crisis highs. This signals the structural end of the low-rate era and the onset of a "higher for longer" interest rate environment. It will push mortgage rates higher, increase federal debt burdens, and suppress equity valuations via elevated discount rates. 📈 @Hedgeye

📉 Amore Capital insights | S&P 500 Market Breadth Reaches 30-Year Extremes As of May 13, 2026, only 22% of S&P 500 constituents outperformed the SPX on a rolling 30-day basis. This breadth indicator stands at a Z-score of -3.0, corresponding to the 0th percentile of its 30-year historical distribution (historical mean: 50%). Such extreme narrowness has historically emerged in late-stage bull markets, typically accompanied by liquidity-driven rallies and highly concentrated leadership. Although a handful of large-cap leaders may continue to propel the index in the short term, the current concentration markedly elevates tail risks ⚠️. A slowdown in leadership momentum could precipitate sector rotation or a broader price correction. In this environment of limited market participation, portfolio diversification and rigorous risk management are particularly critical. (Source: Citadel Securities / GMI, Bloomberg | Chart attached) #SPX #MarketBreadth #EquityMarkets

📢 Cleveland Fed posting basic inflation explainers? This is literally their official mandate — educating the public on economics. All 12 regional Fed banks do this. Not just Wall Street. @ClevelandFed