U.S. market margin balances surged in September, with margin as a percentage of GDP reaching a record high.

October 20 - According to Finra data, U.S. margin debt balance surged by $26 billion in September, reaching $1.48 trillion, the second highest level in history. Since the beginning of 2026, margin debt has soared by $255 billion, an increase of 21%.

As a percentage of GDP, this indicator has risen to a record 4.5%, surpassing the 2021 peak of 3.6%.

Meanwhile, the ratio of margin debt to M2 money supply has risen to 6.3%, the third highest level in history. By comparison, this ratio peaked at 6.4% during the 2000 dot-com bubble.

The above data indicates that the popularity of leveraged investing in the U.S. investment market has reached unprecedented levels.