BREAKING: The Index of US Financial Conditions is up to ~1.29 points, the easiest since 1997. This index measures access to money across financial markets, incorporating things like interest rates, credit spreads, stock prices, the dollar, and overall borrowing conditions. By comparison, during the March 2026 market selloff, the index was on the verge of turning negative. Not even during the 2021 meme stock frenzy were financial conditions this easy. The latest surge has been driven by equity markets hitting all-time highs, with US corporate bond credit spreads remaining near their tightest levels since 1998. AI has transformed the global economy.(The Kobeissi Letter)